DURHAM, NC – Pique Therapeutics Inc., a biopharmaceutical company, confirmed today that it has raised a Series A round of financing from private investors including the Piedmont Angel Network and the Wilmington Investors Network. TechJournal South reported the funding last week (see: http://tiny.pl/3ffc) based on a regulatory filing.
According to that filing, the company has raised $535,000.
Details of the Series A round were not disclosed in Pique’s press release, but the company says that this was the first tranche of a two-tranche financing, and that the first tranche was oversubscribed by approximately 20 percent.
The proceeds from the Series A financing will be used to fund a multi-center, Phase 2 clinical trial in late-stage non-small cell lung cancer, for the Company’s lead therapeutic product, PT 107.
In a Phase 1 trial, PT 107 showed a dramatic extension of overall survival in patients with late-stage non-small cell lung cancer, as patients on the drug lived more than twice as long as is typical for this patient population.
“This funding places Pique in a strong financial position,” said Christopher S. Meldrum, president of Pique Therapeutics in a statement.
“We are delighted that investors have recognized the value of Pique’s lead program, PT 107, in treating this deadly and highly prevalent form of lung cancer.”
Pique’s lead product is a first-in-class therapeutic vaccine for the treatment of non-small cell lung cancer. PT 107 has completed Phase 1 clinical trials, was well tolerated, and had a very good safety profile in cancer patients.
PT 107 showed a dramatic improvement in median overall survival (11 months) for patients with late-stage non-small cell lung cancer, more than doubling the expected 4 to 6 months survival in these patients. Remarkably, over 30 percent of the patients have survived 4 years or longer.
PT 107 is currently in a two-arm, double-blind Phase 2 trial, to further examine the safety and efficacy of the drug.
Online: www.piquetherapeutics.com
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