PPF and SOTIO Invest $6.5 Million in MaveriX Oncology and its Lead Program MVX-5005
SOTIO, together with PPF, and MaveriX Oncology, Inc., today announce the investment of PPF Group in MaveriX Oncology Inc., a private biotech company with a proprietary pipeline of targeted, small-molecule cancer chemo-immunotherapeutics. PPF has committed to investing $6.5 million in MaveriX Oncology’s ongoing Series A financing contingent on key development milestones. In total, MaveriX is aiming to secure a total of $20 million in funding and the round will remain open for additional investors to join. The proceeds will enable MaveriX to advance the company’s lead program MVX-5005 through IND-enabling studies, and complete first-in-human Phase Ia/Ib clinical trials for the treatment of solid tumors in support of clinical proof-of-concept. The company will also advance further platform programs to drug candidate selection.
In addition, SOTIO has secured an option to license and co-develop MVX-5005 and related next-generation compounds in Europe, contingent on completion of the first phase I trial. Upon exercise of the option, MaveriX and SOTIO will collaborate and share the costs for development of MVX-5005 and MaveriX will become eligible to receive up to $138 million in development, regulatory and commercial milestones if MVX-5005 is successfully developed in multiple cancer indications in Europe. Further terms on the investment and option to license are not disclosed.
MVX-5005 has been designed to selectively kill cancer cells and eradicate immune suppressive cell subsets known to cause resistance to chemotherapy and immunotherapy. MVX-5005 utilizes a proprietary targeting and activation scaffold, a Small-Molecule Drug Conjugate (SMDC) to improve on the clinical safety and efficacy of a DNA damaging agent which exhibits broad anti-tumor activity including immunomodulatory and immunostimulatory properties. Pre-clinical studies have shown that MVX-5005 exhibits broad single agent anti-tumor activity with a favorable safety profile. MVX-5005 is currently in formal IND-enabling studies. MaveriX anticipates initiating a Phase I clinical study by the end of Q4 2020.
Through the investment, MaveriX will also advance several of its innovative pipeline programs based on the SMDC platform conjugated to other established or novel therapeutics.
Dr. Steven Everett, President and CEO of MaveriX Oncology, said: “We are grateful to the PPF Group for leading the Series A round as we advance our lead program MVX-5005 into the clinic and continue to expand our differentiated SMDC platform. The strong support of PPF and SOTIO enables us to achieve our next step of growth as we aim to quickly bring new and improved treatment options to patients that suffer from cancer.”
Dr. Daniel Von Hoff, Physician in Chief and Distinguished Professor at the Translational Genomics Research Institute (TGen) in Phoenix, Arizona, said: “The preclinical data of the lead program of MaveriX is encouraging. Overcoming some of the limitations of current chemotherapy as exemplified by MVX-5005 has great potential across many solid tumors. Together with our experts at TD2, we are very pleased to support development efforts of MaveriX to bring better cancer treatments to patients in need.”
Dr. Radek Špíšek, Chief Executive Officer of SOTIO, said: “We believe that the MaveriX SMDC technology approach enables the selective delivery of potent anti-cancer agents directly to tumors. A depleting effect of MVX-5005 on the immunosuppressive cells in the tumor microenvironment represents an additional mechanism of action and indicates that MVX-5005 might act as an efficient chemo-immunotherapy. We are very much looking forward to supporting MaveriX in its efforts to build an innovative oncology company developing first-in-class anticancer agents.”
As part of the agreement, Dr. Norbert Prenzel, Head of Business Development and Licensing of SOTIO, will join the board of directors of MaveriX Oncology Inc.
Please find the full release online at: https://www.sotio.com/news-publications/news.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20191014005287/en/
Contact information
Richard Kapsa
Head of Communications
SOTIO a.s.
T: +420 224 174 448
M: +420 603 280 971
E: kapsa@sotio.com
Christi Waarich
Communication representative of MaveriX Oncology, Inc.
Senior Director, IR, MacDougall
T: +1(781) 591-3443
E: cwaarich@macbiocom.com
About Business Wire
Business Wire(c) 2018 Business Wire, Inc., All rights reserved.
Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
H.I.G. Capital Announces the Sale of DGS S.p.A.11.6.2024 12:00:00 CEST | Press release
H.I.G. Capital (“H.I.G.”), a leading global alternative investment firm with $62 billion of capital under management, is pleased to announce that an affiliate has signed a definitive agreement to sell its portfolio company, DGS S.p.A. (“DGS” or the “Group”), a leading firm in the Italian Information Technology market, to DGS Co-Founders and management team in partnership with ICG, a global alternative asset manager. Since its inception in 1997, DGShas supported blue-chip customers in the design, integration, and maintenance of complex IT systems, with a specialization in digital transformation and cybersecurity services. The Group currently has over 1,900 employees, revenues of approximately €300 million, and maintains a group of highly loyal clientele. During H.I.G.’s ownership, DGS has tripled in size and consolidated its position as a leading Italian firm in cybersecurity services and digital transformation. DGS offers its clients sophisticated and proprietary digital transformation
Evertas Names Nick Selby Head of European Underwriting11.6.2024 12:00:00 CEST | Press release
Evertas, the world’s first crypto insurance company, has named Nick Selby as its new Head of European Underwriting. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240611141887/en/ Nick Selby, Executive Vice President and Head of European Underwriting at Evertas (Photo: Business Wire) Selby, an accomplished information and physical security professional, brings two decades of expertise in public and private sector information security, physical security, and complex incident handling, as well as seven years of experience leading teams securing billions of dollars in cryptoassets. Previously, his roles included VP of the Software Assurance Practice at Trail of Bits, Chief Security Officer at Paxos Trust Company, and Director of Cyber Intelligence and Investigations at the NYPD Intelligence Bureau. “Nick is an extremely valuable addition to our European team,” said Evertas CEO and Co-Founder J. Gdanski. “His public and private
Owlet utvider globalt fotavtrykk med lanseringen av medisinsk-sertifisert Dream Sock™ i Storbritannia og over hele Europa11.6.2024 11:00:00 CEST | Pressemelding
Owlet, Inc. («Owlet» or the «Company») (NYSE:OWLT), pioneren innen smart spedbarnsovervåking, kunngjør i dag den britiske og europeiske lanseringen av Dream Sock. Dette er en smart babymonitor med levende helseavlesninger og varsler for friske spedbarn mellom 0-18 måneder og 2,5-13,6 kg. Dette innovative medisinske utstyret gir foreldre helse og viktig informasjon i sanntid, noe som gir uovertruffen trygghet. Denne pressemeldingen inneholder multimedia. Se hele pressemeldingen her: https://www.businesswire.com/news/home/20240611820341/no/ (Photo: Business Wire) «Vi er svært stolte over å lansere Dream Sock til omsorgspersoner over hele Storbritannia og Europa og gi millioner av foreldre mer trygghet mens babyen sover,» sa Kurt Workman, Owlets administrerende direktør og medgründer. «Dream Sock er nå et globalt produkt som er anerkjent som medisinsk nøyaktig og trygt, etter å ha gjennomgått regulatoriske autorisasjoner og sertifiseringer innenfor flere geografier. I dag er misjonen vår
V-Nova Surpasses 1000 Patent Milestone in Media Technology Innovation11.6.2024 10:00:00 CEST | Press release
V-Nova, a leading provider of data compression solutions, video compression technology, XR technology, AI acceleration and parallel processing for a multitude of industries including media and entertainment, today announced its milestone achievement of 1000 active technology patents. This accomplishment underscores V-Nova’s dedication to research and development and its commitment to protecting its intellectual property globally. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240611724561/en/ V-Nova’s patent portfolio spans more than 50 different jurisdictions. Including over 400 patents in Europe, over 200 in the Americas, over 100 in the United States specifically, and over 200 in Asia. V-Nova forged new directions in data processing to enhance digital experiences, maximize efficiency, reduce costs, and increase sustainability. The company leads the way with key international data compression standards for the video indust
Alipay+ Reveals Top Scorer Trophy Design for UEFA EURO 2024™11.6.2024 09:24:00 CEST | Press release
Alipay+, a suite of cross-border mobile payment and digitalization technology solutions operated by Ant International and an Official Partner of UEFA EURO 2024™, today revealed the trophy that will be awarded to the most prolific marksman at the UEFA EURO 2024™ finale on July 14 in Berlin, Germany. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240610328619/en/ The UEFA Top Scorer Trophy presented by Alipay+ is unveiled for UEFA EURO 2024™ (Photo: Business Wire) Sculpted in the shape of the Chinese character “支” (pronounced zhi, and meaning payment as well as support), the trophy reflects Alipay+’s dedication to supporting consumers to enjoy seamless payment and a broad choice of deals using their preferred payment methods while traveling abroad. The character also resembles the fleeting moment of a barefooted striker poised to shoot, evoking the original beauty and power of football – a game that united people across the wo