Sermonix Pharmaceuticals Secures $26M Series A Financing Led by WILD Family Office to Advance Lasofoxifene into Phase 2 ELAINE Trial for ESR1-Mutated Breast Cancer

On August 1, 2019, VCBeat (WeChat ID: vcbeat) learned that Sermonix Pharmaceuticals Inc. announced today the completion of a $26 million Series A financing round. The round was led by WILD Family Office, invested by Hans-Peter Wild. Other participants in the financing included experienced biopharmaceutical investors and executives Lodewijk de Vink, Richard DeSchutter, and Dr. Anthony Wild, Non-Executive Chairman of Sermonix, among others.

The funds raised in the Series A financing will be used to support the enrollment and completion of Phase 2 clinical trials of Sermonix’s lead investigational drug, lasofoxifene. This open-label, randomized, multicenter study evaluating the role of lasofoxifene in ESR1-mutated breast cancer (ELAINE, NCT03781063) will assess the efficacy of oral lasofoxifene versus intramuscular fulvestrant in patients with locally advanced or metastatic estrogen receptor-positive (ER+)/HER2-negative breast cancer harboring ESR1 mutations.

“We are delighted that our new investors recognize the need for a revolutionary therapy to help women cope with this devastating disease, and that lasofoxifene has the potential to become a precision medicine in fulfilling this mission,” said Dr. Anthony Wild. “These funds will enable us to robustly enroll patients in our Phase 2 program, bringing us one step closer to achieving our goal.”

Hans-Peter Wild is both enthusiastic and highly experienced in investing in biopharmaceutical research startups. He has dedicated his life to creating corporate value, including building Wild taste into a global enterprise, which was sold to Archer Daniels Midland Co. (ADM) for $3 billion in 2014. He is also the owner of the CapriSun® juice drink brand.

As part of the transaction, Thomas Pfisterer, who oversees direct investment activities for the WILD Family Office, will join the Board of Directors of Sermonix. Previously, Pfisterer worked in the Investment Banking Division of Morgan Stanley Bank AG in Frankfurt, Germany, focusing on mergers and acquisitions and capital markets transactions in the healthcare sector. He currently serves as a board member of ADC Therapeutics, ImVax, and inSphero.

• In April, the company appointed experienced biopharmaceutical industry experts Richard U. DeSchutter, Michael A. Friedman, MD, and Stephen Rubino, Ph.D., to its board of directors.

• In May, the U.S. Food and Drug Administration granted Fast Track designation to lasofoxifene. This designation facilitates the accelerated development and review of drugs intended to treat serious conditions and address unmet medical needs.

• In June, Sermonix presented data at the 2019 American Society of Clinical Oncology (ASCO) Annual Meeting demonstrating that lasofoxifene plus palbociclib was more effective than fulvestrant plus palbociclib in reducing primary and metastatic tumor growth in a murine intratracheal model.

Dr. David Portman, Founder and CEO of Sermonix, stated, “We are proud of the significant achievements recently made by the Sermonix team in advancing the clinical development program for lasofoxifene, and we will leverage this new funding to continue our R&D efforts. Our goal is clear and sharply focused: to fulfill our commitment to delivering this much-needed, well-tolerated molecule to oncologists for the treatment of women with endocrine-resistant cancers.”

Treehill Partners served as the exclusive financial advisor to Sermonix in this transaction.

Lasofoxifene is an investigational non-steroidal selective estrogen receptor modulator (SERM) for which Sermonix has obtained a global license from Ligand Pharmaceuticals Inc. (NASDAQ: LGND). In the integrated Phase 1–3 non-oncology clinical trials, more than 15,000 postmenopausal women worldwide participated in the studies. Lasofoxifene’s bioavailability and activity in the context of estrogen receptor mutations may benefit patients who have acquired endocrine resistance and harbor ESR1 mutations. Recently, new activity of lasofoxifene against ESR1 mutations was discovered, and Sermonix holds patent protection that is nearing expiration. As a potent oral SERM, lasofoxifene, if approved, will play a pivotal role in targeted precision pharmacotherapy for advanced ER-positive breast cancer.

Sermonix Pharmaceuticals Inc. is a private biopharmaceutical company focused on developing oncology products for women.The company was founded in 2014 by David Portman, M.D. He is a distinguished clinical researcher and expert in women’s health, menopause, and selective estrogen receptor modulator (SERM) therapy. The Sermonix management team, led by Dr. Portman, demonstrates extensive experience across all stages of the drug development process. Paul Plourde, Vice President of Oncology Clinical R&D, previously served at AstraZeneca, where he played a significant role in the development and approval of drugs such as tamoxifen, Arimidex®, and Faslodex®. Barry Komm, Ph.D., Chief Scientific Officer, formerly led SERM programs at Wyeth and Pfizer, playing a pivotal role in the development and approval of bazedoxifene and Duavee®. Elizabeth Attias, D.Sc., Vice President of Business Development, brings extensive experience in drug commercialization. Mirmon Portman, M.D., Co-founder and Chief Operating Officer of Sermonix, offers expertise in management. Larry Hoffman, CPA, Chief Financial Officer, has decades of financial leadership experience in the healthcare sector. Simon Jenkins, Ph.D., Vice President of Operations, has over 30 years of experience in global drug development leadership roles at Wyeth and Pfizer, spanning multiple therapeutic areas. Anthony Wild, Ph.D., Non-Executive Chairman of the Board of Sermonix, formerly served as President of Parke-Davis Pharmaceuticals and the Warner-Lambert pharmaceutical division.

(Compiled by Tian Shuhang)