Oncoceutics, a Hummelstown, PA-based clinical-stage drug discovery and development company, closed a Series A financing round.
The round, of undisclosed amount, was led by Spring Mountain Capital, LP, with participation from additional private investors.
The company intends to use the funds to continue the development of its lead drug compound, ONC201, an orally-active small molecule that penetrates the blood-brain barrier and exhibits anticancer activity in preclinical models of a number of different types of cancer, including lymphoma and glioblastoma multiforme (GBM). Oncoceutics recently completed the first-in-man study of ONC201 at the Rutgers Cancer Institute of New Jersey and defined the recommended phase II dose (RP2D) that will be used in subsequent clinical studies.
Led by Lee Schalop, MD, Chief Business Officer, and Wolfgang Oster, MD PhD, CEO and Chairman, Oncoceutics is targeting potent suppressor pathways in human cancer. The first lead compound to result from this program is ONC201, a small molecule drug with a mechanism of action that causes significant anti-tumor activity in a variety of types of human cancer. The company is currently enrolling patients in clinical trials of ONC201 that began in January 2015, following acceptance by the U.S. Food and Drug Administration of Oncoceutics’ Investigational New Drug (IND) application for ONC201 in 2014.
Oncoceutics and collaborative organizations have received grants over the last two years from the National Institutes of Health, the Pennsylvania Department of Health and The Musella Foundation.
FinSMEs
07/10/2015