Cambridge, England — CellCentric, a biotechnology firm focused on innovative cancer treatments, has completed a £90 million funding round aimed at propelling its promising oral therapy for multiple myeloma, known as inobrodib. This Series C financing, co-led by RA Capital Management and Forbion, also included participation from Avego Bioscience Capital and BrightEdge, the venture capital branch of the American Cancer Society.
Despite advancements in treatment options, multiple myeloma remains a formidable challenge, as many patients still succumb to the disease. A significant portion of patients either do not qualify for existing therapies or develop resistance to them over time. Inobrodib offers a distinct approach with its oral delivery system and a favorable safety profile, potentially establishing itself as a vital component in treatment regimens alongside other therapies.
Will West, the CEO of CellCentric, expressed optimism regarding the investment, stating it enables the company to further advance inobrodib’s development. “This funding comes at a critical time, and our team’s dedication has played a crucial role in garnering such robust support,” West noted, highlighting the project’s clinical and commercial potential.
The investment solidifies previous milestones for CellCentric, including a $35 million initial commitment from RA Capital in the previous year and an additional $25 million investment from Pfizer. The new funding marks a significant achievement in a challenging financial landscape for biotech firms, showcasing the positive data surrounding inobrodib’s efficacy in clinical trials.
Jasper Bos, a general partner at Forbion and newly appointed member of CellCentric’s board, reiterated confidence in inobrodib’s potential. “Our excitement stems from the promising early trial results, which demonstrate both effectiveness and an acceptable safety profile. We’re eager to support CellCentric as it advances this treatment through registration studies aimed at transforming the management of multiple myeloma,” Bos stated.
In addition to its recent funding achievements, CellCentric has recently expanded its footprint with a new office in Burlington, Massachusetts. This move is part of a strategic plan to enhance its global team and operational capabilities as it continues to innovate in oncology.
As multiple myeloma remains a critical focus for research and development, CellCentric’s advancements reflect a broader trend in the medtech industry towards finding novel options for difficult-to-treat cancers. With inobrodib positioned as a potential game-changer, the company’s ongoing efforts could significantly impact patient outcomes in the future.