Branford biotech IsoPlexis Corp., which has developed a technology that can help doctors predict how cancer patients will respond to immunotherapy, said it has raised $25 million.
The company, which currently has 105 employees, announced it will use the money for new product offerings and to expand its global operational, manufacturing and commercial team.
The Series C funding round was led by Northpond Ventures and included new strategic investment along with current investors Spring Mountain Capital, Ironwood Capital, North Sound Capital and Connecticut Innovations.
Founded in 2013, IsoPlexis specializes in single-cell detection systems that allow researchers to characterize cells based on the proteins they secrete — data that can help pinpoint highly targeted, personalized treatments for cancer patients.
Its IsoCode Chip and IsoLight platform were named the No. 1 innovation by The Scientist magazine in 2017. The system also won the 2017 Fierce Innovation Award for Technology Innovation from trade publication FierceBiotech.
Company officials said the technology could predict how blood cancer patients might respond to immunotherapy before starting treatment.
The company launched the system commercially in the U.S., Europe and China during the second half of 2018.
The announcement did not specify how many employees the company expects to add in the expansion or where they would be located. IsoPlexis did not immediately return an email message seeking additional comment.
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Achillion Pharmaceuticals Inc. said last week it received its 20th patent for a drug in its Factor D portfolio of small molecules.
The biotech, which has its research facility in New Haven, said the patent was for ACH-5548, its next-generation, orally administered complement Factor D inhibitor. Factor D is an enzyme that plays a role in some immune-related disorders.
In other news, Achillion reported promising interim data from a Phase 2 study of another Factor D inhibitor, ACH-4471, in combination with Alexion Pharmaceuticals’ Soliris for the rare blood disease paroxysmal nocturnal hemoglobinuria (PNH). The inherited disorder causes the immune system to destroy red blood cells prematurely.
Patients taking high doses of Soliris alone still often suffer from anemia, Achillion said.
The company said 11 patients enrolled in the proof-of-concept trial experienced increased hemoglobin and needed fewer blood transfusions after being administered the combination therapy for one to six months.
The number of blood transfusions dropped from 34 during the 24 weeks before therapy to only one during treatment with ACH-4471, the company said. Patients also experienced reduced symptoms of fatigue.
The trial is expected to be completed this summer.
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New Haven cancer diagnostics firm Precipio Inc. said it is officially back in compliance with Nasdaq regulations after implementing a 1-for-15 reverse stock split earlier this month.
Nasdaq had moved to de-list Precipio for failing to meet its $1 minimum share price threshold for more than a year. It notified the company on May 15 that it had regained compliance and the matter was now closed.
Precipio’s shares will continue to trade under the ticker symbol PRPO. The stock closed at $6.02 on Monday.
“We are pleased with the confirmation from Nasdaq on our compliance, ensuring that our shareholders have stock that is traded on a reputable exchange such as Nasdaq,” Precipio CEO Ilan Danieli said in a statement.
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New Haven’s BioXcel Therapeutics Inc. said a Phase 1 trial showed a favorable safety profile for its drug to treat agitation.
The company has developed a thin-film, under-the-tongue formulation of an older FDA-approved drug dexmedetomidine (Dex).
The company said the study of 42 adult volunteers found the drug achieved therapeutic exposure levels and was well tolerated, with no serious adverse side effects. The study also pointed to the potential for the drug to work quickly, said CEO Vimal Mehta.
BioXcel said it will soon launch a Phase 2 trial on the efficacy of the drug in agitated schizophrenia patients, and plans to begin a Phase 3 trial later this year. It expects to apply for FDA approval in 2020.
Contact Natalie Missakian at news@newhavenbiz.com
