Batu Biologics, an immuno-oncology company focused on the development and commercialization of novel therapies, announced on Monday the closing of its Regulation 506(c) equity crowdfunding offering on EquityNet after successfully securing $1.3 Million in funding. The funding round was launched in May 2017 and was seeking funds for its new clinical stage tumor-angiogenesis targeting immunotherapy, ValloVax.
The company stated that ValloVax targets angiogenesis, or blood vessel formation, which is a biological process that is commonly found in all solid tumors. Instead of targeting the tumor itself, which can be a difficult strategy due to cancer’s propensity to mutate, ValloVax trains the body to initiate a cellular and antibody response against several targets associated with tumor angiogenesis. To date, ValloVax has reportedly demonstrated strong inhibition of melanoma, lung cancer, colorectal cancer, breast cancer, and glioblastoma in animal models as a standalone therapy.
While speaking about the company’s successful crowdfunding campaign, Samuel C. Wagner, President and CEO of Batu Biologics, stated:
“We would like to graciously thank our shareholders and collaborators for the support of our vision in the development of the ValloVax immune therapy. 2018 will be a landmark year for Batu Biologics with the goal of establishing safety and feasibility of ValloVax in a pilot clinical study in all solid tumors, and to further elucidate the mechanism of action of our novel placentally-derived immune therapy.”
The closing of the campaign comes less than two months after Batu Biologics announced the clearance of the Investigational New Drug Application (#16296) for the ValloVax immune therapy. The company added based upon the successful completion of this milestone, the remaining proceeds from this offering will be used to upscale GMP manufacturing in preparation for its Phase I study and to position it to secure partnerships to demonstrate clinical proof of concept for the ValloVax program.
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