AvenCell Therapeutics, Inc., a clinical-stage cell therapy company specializing in innovative CAR-T cell therapies, has announced the successful completion of a $112 million Series B financing round. The funding was led by Novo Holdings, with additional participation from new investors including F-Prime Capital, Eight Roads Ventures Japan, Piper Heartland Healthcare Capital, and NYBC Ventures. Founding investor Blackstone Life Sciences also joined the round. As part of the financing, Michael Bauer, Ph.D., of Novo Holdings and Nihal Sinha, MB BChir, of F-Prime Capital will join AvenCell’s Board of Directors.
This new funding will support AvenCell’s ongoing clinical trials and development of its proprietary switchable CAR-T cell platform. This groundbreaking technology enables CAR-T cells to be turned “On” or “Off” even after being administered, providing enhanced safety and effectiveness in treating various hematologic malignancies. AvenCell’s key clinical assets include AVC-101, an autologous CAR-T therapy, and AVC-201, a CRISPR-engineered allogeneic CAR-T therapy, both targeting CD123 antigens found on most Acute Myeloid Leukemia (AML) cells.
The company is focused on addressing unmet medical needs for relapsed/refractory AML patients, a group with limited treatment options. Several pipeline candidates are also expected to enter clinical trials in the next two years, further expanding AvenCell’s innovative approach to cancer treatment.
Dr. Andrew Schiermeier, CEO of AvenCell Therapeutics, expressed excitement about the company’s progress and the potential of its next-generation immunotherapies, noting that the new funding will play a crucial role in advancing these therapies and bringing them to patients.
Michael Bauer from Novo Holdings highlighted AvenCell’s first-of-its-kind switchable CAR-T technology and its potential to transform care for hard-to-treat diseases. Nihal Sinha of F-Prime Capital added that AvenCell’s platform offers unprecedented control over CAR-T therapy dynamics, addressing key safety and efficacy concerns in the field.
With encouraging early clinical trial results and continued support from leading investors, AvenCell is positioned to lead advancements in cell therapy and improve patient outcomes in oncology and autoimmune diseases.
