Checkmate Pharmaceuticals Appoints Barry Labinger as CEO and Secures $22 Million in Funding to Advance Cancer Immunotherapy Development

VCBeat (WeChat ID: vcbeat) learned from foreign media reports that U.S. biopharmaceutical company Checkmate Pharmaceuticals has recently appointed Barry Labinger as President and Chief Executive Officer. Dr. Arthur M. Krieg, the founder of Checkmate and its former President and CEO, will transition to the role of Chief Scientific Officer. Both Labinger and Krieg will serve on Checkmate’s Board of Directors.

In addition, Checkmate announced the completion of a $22 million financing round led by new investor Decheng Capital, with participation from existing investors parcipaon, Sofinnova Ventures, venBio Partners, and F-Prime Capital Partners.

Checkmate is a clinical-stage, privately held company headquartered in Massachusetts. The company leverages its expertise in CpG oligonucleotides to develop immunotherapies designed to enhance the efficacy of existing immunotherapies and provide new treatment options for patients and healthcare providers.

Checkmate’s lead candidate drug, CMP-001, is a cancer immunotherapy agent that has been shown to reverse resistance to PD-1 therapy in some cases.

“Early clinical data from Checkmate indicate that the company has significant potential to evolve into a cancer immunotherapy enterprise. Barry’s extensive experience in oncology drug development and commercialization, coupled with the infusion of new capital, will further propel Checkmate’s growth,” commented Mike Powell, Chairman of Checkmate’s Board of Directors and General Partner at Sofinnova Ventures.

He continued, “Arthur has successfully led the company into a critical stage of development. With this leadership change, we are pleased to announce Barry as CEO and Arthur as CSO. We believe they will successfully guide the company into a new phase of growth.”

Barry has nearly 30 years of experience in the pharmaceutical and biotechnology industries. He previously served as President, Chief Executive Officer, and Director of Biothera Pharmaceuticals, a clinical-stage cancer immunotherapy company focused on innate immune activation.

Prior to joining Biothera, Barry served as Executive Vice President and President of the Biosciences Division at Emergent BioSolutions, where he was responsible for the development and commercialization of oncology, immunology, and hematology products and candidates. He has also held leadership positions at Human Genome Sciences, 3M Pharmaceuticals, and Immunex.

“I firmly believe in the critical role of innate immunity in enhancing the efficacy of other cancer immunotherapies. CMP-001 has demonstrated the greatest potential among therapies of its class, and I am delighted to join Arthur, the Checkmate team, and our Board of Directors. Together, we will maximize the potential of CMP-001 to improve outcomes for cancer patients,” said Barry.

“My goal in creating Checkmate was to determine whether intratumoral TLR9 activation could induce tumor regression in patients with advanced cancer refractory to anti-PD-1 therapy,” said Arthur. “Now that we have achieved this objective, I am pleased to hand over the leadership of Checkmate to Barry, allowing me to focus on further researching and refining this therapeutic regimen. I believe our complementary expertise and shared vision will help us accelerate and maximize the company’s forward momentum.”

It is understood that the proceeds from this financing will accelerate the clinical development of Checkmate’s candidate product, CMP-001, in advanced melanoma and non-small cell lung cancer (NSCLC) patients who have previously exhibited refractoriness to anti-PD-1 therapy. Meanwhile, the clinical development of CMP-001 will also be expanded to other solid tumor types.

Previously, Checkmate secured Series A and Series B financing in 2015 and 2017, respectively. On August 12, 2015, the company raised $20 million in its Series A round, jointly funded by Sofinnova Ventures and venBio Partners. The proceeds from this round were primarily used to develop a novel immuno-oncology product platform.

On June 15, 2017, the company secured $27 million in Series B preferred stock financing, led by FPrime Capital Partners with participation from Sofinnova and venBio Partners. The funds were also allocated to advance the clinical development of CMP-001. Additionally, the company appointed Karen Brennan as Chief Operating Officer.

Decheng Capital, founded in 2011 and headquartered in Shanghai and Silicon Valley, currently manages over $1 billion in assets.

The company primarily provides funding and strategic support to early-stage life sciences companies and growth-stage healthcare companies with revolutionary technologies or significant market impact.

Sofinnova, founded in 1974, is a clinical-stage biopharmaceutical venture capital firm. As of December 31, 2017, the company managed approximately $1.7 billion in assets.

Sofinnova focuses on clinical and late-stage preclinical investments in biopharmaceutical products, with a mission to deliver exceptional outcomes for patients, entrepreneurs, and the individuals and institutions that entrust it with capital management.

venBio’s investments primarily provide financial support to promising companies across various stages of development, whether in early or late stages, and regardless of whether they are startups or established firms.

The company’s mission is to identify enterprises developing novel therapeutic solutions, assist them in conceptualizing optimal treatment strategies, and ultimately drive a positive impact on patient care.

F-Prime Capital Partners, established in 1946, is a global venture capital firm specializing in healthcare and technology.

Over the past few decades, the company has evolved from a single fund into one of the world’s largest asset management firms, with assets under management exceeding $2 trillion.