Rakuten Aspyrian Secures $150 Million Series C Financing to Advance Photoimmunotherapy for Targeted Cancer Treatment

VCBeat (WeChat: vcbeat)It was reported that biotechnology company Rakuten Aspyrian completed a $150 million Series C financing round on August 23. The round was again led by existing investor Rakuten Inc., a Japanese technology company that provides e-commerce solutions in Japan and internationally. The company operates through three segments, including Internet services and financial services. The financing round was spearheaded by Hiroshi Mikitani, CEO of Rakuten Inc., who currently also serves as Chairman of Rakuten Aspyrian.

Following the completion of its Series C financing round, Rakuten Aspyrian’s total fundraising reached approximately $238 million.

Rakuten Aspyrian is a clinical-stage biotechnology company with offices in the United States, Japan, and Germany.

Rakuten Aspyrian is an innovative company based in San Diego, California, USA, founded in 2013. The company and its collaborators are developing novel cancer-targeted therapies based on patented technologies that enable highly specific and tumor-restricted anticancer activity.

Tumor-specific action is employed to avoid damage to healthy organs, thereby enhancing anticancer activity and improving safety. Rakuten Aspyrian has obtained an exclusive license from the National Cancer Institute for a novel antibody-conjugate technology—Photoimmunotherapy (PIT). PIT enables efficient and selective ablation of tumor cells while sparing critical structures adjacent to the tumor.

Rakuten Aspyrian aims to become a fully integrated biopharmaceutical company, commercializing therapies based on its photoimmunotherapy platform globally. These therapies are designed to target multiple types of solid tumors, both as monotherapies and in combination with other immunomodulators, to elicit robust and durable anti-cancer immune responses.

Rakuten Aspyrian is currently sponsoring a global Phase 3, multicenter clinical study of ASP-1929 to evaluate its efficacy and safety in patients with recurrent head and neck cancer, as well as additional Phase 2 studies to assess the safety and efficacy of ASP-1929 in patients with other cancer types.

“Developing therapeutic drugs for cancer patients is a mission I embarked on many years ago, and it is also the driving force behind my investment in Rakuten Aspyrian,” said Mr. Mikitani, Chairman of Rakuten Aspyrian. “Rakuten Aspyrian’s approach, which combines biologics with laser activation, can provide alternative treatment options to help cancer patients fight the disease. Our company has rapidly advanced in the development of this technology and is now ready to initiate Phase 3 clinical studies. My vision is to develop and commercialize a robust pipeline of therapies based on photoimmunotherapy, creating a new platform for cancer treatment.”

Miguel Garcia Guzman, CEO of Rakuten Aspyrian, stated, “This financing will advance our lead compound, ASP-1929—a therapeutic regimen that has received Fast Track designation from the U.S. Food and Drug Administration—into a global, pivotal Phase 3 trial to evaluate its efficacy and safety in the treatment of recurrent squamous cell carcinoma of the head and neck.”

The funds will be used to support the expansion of R&D efforts to evaluate the safety and efficacy of ASP-1929 and a series of other cancer therapies, including initiating two additional Phase II studies in other cancer types. It was disclosed that the company is working to rapidly advance ASP-1929 into Phase III trials by the end of 2018.

The financing will also support the expansion of ASP-1929’s commercialization and corporate development, including initial commercial operations to support the launch of ASP-1929 in the United States, Japan, and Europe.

ASP-1929 is a conjugate of cetuximab and IRDye700DX® that targets epidermal growth factor receptor (EGFR), a cancer antigen expressed in various types of solid tumors, including head and neck squamous cell carcinoma, as well as esophageal, lung, colorectal, and pancreatic cancers. This first-in-class therapy targets cancer cells and is then locally activated under red light using a proprietary research laser and optical fibers. The local activation of the tumor-selective conjugate targets the tumor while sparing surrounding normal tissues and structures.

Interim results from the Phase 1/2 trial in patients with head and neck squamous cell carcinoma demonstrated a clinically meaningful improvement in overall response rate compared with historical data for standard-of-care regimens, with potential improvements in progression-free survival and overall survival now available for this patient population. The top-line results from the Phase 1/2 trial are expected to be released later this year.

ASP-1929 is an investigational compound that remains in the clinical stage and has not been approved for use in any country.

References:

https://www.prnewswire.com/news-releases/rakuten-aspyrian-raises-150-million-in-series-c-financing-300701488.html