AvenCell Therapeutics has secured $112 million in series B funds as the Novo Holdings-backed biotech seeks clinical proof that it can generate CAR-T cells that can be turned “on” once inside a patient.
The Watertown, Massachusetts-based company—which was created in 2021 by Blackstone Life Sciences, Cellex Cell Professionals and Intellia Therapeutics—intends to use the funds to demonstrate that its platform can produce “switchable” CAR-T cells that can be turned “off” or “on” even after they have been administered. The method is designed to treat blood cancers more safely and effectively than traditional cell therapies, according to the company.
AvenCell’s lead asset is AVC-101, a CD123-directed autologous cell therapy being assessed in a phase 1 trial for acute myeloid leukemia (AML). The on-target off-tumor toxicity of CD123 makes a conventional CD123-directed CAR “very challenging,” according to AvenCell’s website, and the hope is that the switchable nature of AVC-101 can address this issue.
Also in a phase 1 trial for CD123-associated AML is AVC-201, a CRISPR-engineered allogeneic CAR-T cell therapy. Beyond that, the company has a selection of candidates set to enter the clinic over the next couple of years.
Novo Holdings—the controlling shareholder of Novo Nordisk—led today’s series B fundraise. Blackstone was back on board along with new backers F-Prime Capital, Eight Roads Ventures Japan, Piper Heartland Healthcare Capital and NYBC Ventures.
