Life Science Company News
Cytonus Secures Series A Financing to Advance Pipeline of Novel Cargocyte™-based Medicines
Financing led by Partners Investment, with world-class group of existing and new investors. Pipeline of multiple programs and proprietary Cargocyte™ Drug Delivery Platform to fuel continued portfolio development.
SAN DIEGO, Dec. 4, 2023 /PRNewswire-PRWeb/ -- Cytonus Therapeutics, Inc., a U.S.-based biotechnology company discovering and advancing novel medicines enabled by its proprietary Cargocyte™ Drug Delivery Platform, today announced the initial closing of its $11.7 million Series A preferred financing. The company will use the funds to continue development of its portfolio pipeline of novel products, delivering well-validated payloads to difficult-to-reach tissues such as metastatic tumors and to the central nervous system (CNS). The Series A raise was led by Partners Investment, with syndicate investors including industry veteran and investor John Ballantyne, PhD, Proxima VC, Gemseki Fund, KreaMedica, WSGR Fund, and Creative Ventures. Partners Investment is a recognized institutional investor in the life sciences industry, having more than $1 billion of assets under management (AUM) across nine funds.
In conjunction with the financing, the company expanded its Board of Directors with the appointment of Jaeyeol (Jae) An, PhD, the Managing Director of Partners Investment's Healthcare and Life Sciences Fund. Additionally, Cytonus expanded its Scientific Board of Advisors with the appointment of John C. Bell, PhD, the noted University of Ottawa professor and pioneering researcher in the field of oncolytic viruses. Professor Bell is a Fellow of the Royal Society of Canada, a Fellow of the Canadian Academy of Health Sciences, a member of the Center for Cancer Therapeutics, and serves as the Scientific Director of BioCanRx, Canada's Immunotherapy Network, which is developing biotherapeutics for Cancer Therapy.?
"Jae has been a visionary champion in shaping the current round, and his support will help accelerate the development of Cytonus as we work together to bring the company's proprietary Cargocyte Drug Delivery Platform to usher in a new era of precision medicine," commented Cytonus' Chief Executive Officer and co-founder, Remo Moomiaie-Qajar, MD.
"It is a great privilege to be joined by Professor Bell, who is a thought leader and major contributor to the field of modern viral immunotherapeutics." commented Cytonus' Chief Scientific Innovator and co-founder, Richard Klemke, PhD.
"We are grateful for the enthusiastic support from such a prestigious group of investors, which reflects the progress of our Cargocyte Drug Delivery Platform in advancing a pipeline of first-in-class programs for delivering well-validated therapeutics to difficult-to-reach tissues," commented Cytonus' executive chairman, Christopher Thorne, JD-MBA, "The combination of the company's robust pipeline, novel platform technology, and highly talented team identifies Cytonus as an attractive opportunity with an exciting future."
Cytonus Therapeutics, Inc. is a San Diego-based biotechnology company focused on discovering and advancing novel medicines enabled by the Cargocyte™ Drug Delivery Platform. The company has developed a vast pipeline of proprietary immunotherapeutic products to improve patient outcomes for a wide range of medical conditions including cancers, infectious diseases, inflammatory diseases, and cognitive disorders. The Cargocyte-based technologies are next-generation synthetic biology delivery drones that have demonstrated measurable advantages for treating numerous medical applications across unmet therapeutic areas. Cargocytes™ are engineered to safely transport a multiplicity of therapeutic payloads into difficult-to-reach targeted tissues, and can be programmed to deliver selective, potent, and controllable "off-the-shelf" well-validated therapies. These distinctive features demonstrate the potential for Cargocytes to usher in a new era of precision medicine.
For more information, please visit https://cytonus.com. Follow Cytonus on LinkedIn and Twitter "X": @CytonusTx.
Notice: Statements in this news release, other than strictly historical facts, such as statements about Cytonus' plans and strategies, new and existing products, and technologies, anticipated clinical and regulatory pathways, and markets for its products, are forward-looking statements. The words "believe," "expect," "aim," "anticipate," "estimate," "project," and similar expressions identify forward-looking statements that speak only as of the date hereof. Such statements involve risks and uncertainties that could cause actual results to differ materially from anticipated results due to many factors, including regulatory and development risks. The company undertakes no obligation to publicly update or revise any forward-looking statement. This news release is neither an offer to sell, nor the solicitation of any offer to purchase, any security.
SOURCE Cytonus Therapeutics, Inc.