Bright Peak Therapeutics Announces $90 Million C Round Financing to Advance First-in-Class PD1-IL18 Immunoconjugate Program Into Clinical Trials - Latest Global News

Bright Peak Therapeutics Announces $90 Million C Round Financing to Advance First-in-Class PD1-IL18 Immunoconjugate Program Into Clinical Trials

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— Lead program BPT567 will be the first PD1-IL18 immunoconjugate to enter the clinic; start of Phase 1/2a study in solid tumors expected in H2 2024 –

— Financing led by Johnson & Johnson with participation from new and existing investors–

BASEL, Switzerland and SAN DIEGO, June 11, 2024 (GLOBE NEWSWIRE) — Bright Peak Therapeutics, a biotechnology company developing next-generation multifunctional immunotherapies, today announced that it has raised $90 million in a Series C funding round. The round was led by Johnson & Johnson Innovation – JJDC, with participation from additional new investors Venrock, KB Investment and Northleaf Capital Partners. Existing investors participating in the round include founding investor Versant Ventures, as well as Fidelity Management & Research Company, RA Capital Management, Qatar Investment Authority, Invus, Alexandria Venture Investments and an undisclosed leading healthcare investment fund.

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Proceeds from the Series C financing will be used to advance BPT567 into a Phase 1/2a clinical trial and accelerate a pipeline of next-generation immunotherapies. BPT567 is a first-in-class PD1-IL18 immunoconjugate designed to simultaneously block the PD(L)-1 checkpoint pathway and target IL-18 signaling.

In preclinical models, BPT567 induced pronounced synergistic anti-tumor activity by blocking PD-1 and targeting the potent pro-inflammatory effects of IL-18 specifically to effector T cells in the tumor microenvironment (TME), with more limited activation of immune cells in the periphery.

“We are now well positioned to bring much-needed innovation to the field of anti-PD-1 immune checkpoint inhibition and look forward to advancing our lead program into the clinic and studying multiple tumor types later this year,” said Fredrik Wiklund, Chief Executive Officer of Bright Peak.

“This capital increase gives us the financial flexibility to make new treatment options available to cancer patients. And we are pleased to have gained the trust of a global pharmaceutical company and the strong support of such a renowned consortium of leading life sciences investors.”

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About Bright Peak Therapeutics
Bright Peak Therapeutics is a biotechnology company developing a portfolio of multifunctional immunotherapies to treat cancer and other diseases. We leverage our world-class protein engineering capabilities and proprietary protein chemical synthesis and conjugation platform to discover and develop novel protein therapeutics. Bright Peak is based in Basel, Switzerland and San Diego, California and is funded by a consortium of leading healthcare investors. For more information, visit www.brightpeaktx.com

Contact:
[email protected]

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