SutroVax Announces Closing of $64M via Series B Financing
- Announces achievement of pre-clinical proof-of-concept with lead program: Potential best-in-class pneumococcal conjugate vaccine
- Advancing lead into IND-enabling development to obtain clinical proof-of-concept
Foster City, CA, March 21, 2017 – SutroVax, a biopharmaceutical company dedicated to the delivery of best-in-class conjugate vaccines and novel complex antigen-based vaccines to prevent serious infectious diseases, today announced the closing of a $60 million Series B financing. The financing was led by new investors Frazier Healthcare Partners and Pivotal bioVenture Partners, and included participation from all existing investors: Abingworth, Longitude Capital, Roche Venture Fund and CTI Life Sciences Fund. In addition to Series B funds raised, the Company’s existing investors are investing an additional $4 million in SutroVax.
SutroVax will use the proceeds from this financing to advance its lead pneumococcal conjugate vaccine (PCV), which prevents invasive pneumococcal disease caused by Streptococcus pneumoniae, and accelerate the Company’s antigen discovery and early-stage development efforts in other disease areas. SutroVax’s broad-spectrum PCV is designed to provide expanded protection against circulating strains of pneumococcus and has the potential to replace the current vaccines used in infants and adults. SutroVax has generated pre-clinical proof-of-concept in head-to-head studies with its broad-spectrum PCV compared to current vaccines using well accepted immunological endpoints.
“The closing of this round, which was highly competitive and oversubscribed, is an important milestone for SutroVax and reflects the significant achievements we have made in developing a pneumococcal conjugate vaccine product candidate with the potential to disrupt a market with annual sales of over $7 billion,” said Grant Pickering, CEO of SutroVax. “This financing enables us to advance our lead PCV program into the clinic and expand our R&D, clinical development and manufacturing organizations.”
SutroVax conjugate vaccines are developed utilizing the Company’s exclusive rights to Sutro Biopharma’s Xpress CF Platform, a cell-free protein synthesis technology. The platform represents a major advancement over conventional conjugate vaccine production methods, by enabling precise and consistent conjugation of antigens to site-specific locations on a protein carrier that do not impede T-cell help resulting in higher-potency conjugates. SutroVax is utilizing these more potent conjugates to develop a broader-spectrum PCV product.
“Frazier Healthcare Partners has followed SutroVax’s progress since its founding and is delighted to make SutroVax its first vaccine investment,” stated Patrick Heron, Managing General Partner.
Tachi Yamada, M.D., Frazier Venture Partner, former President of the Bill & Melinda Gates Foundation Global Health Program and former head of GlaxoSmithKline and Takeda Pharmaceuticals R&D added, “SutroVax’s lead product candidate and technology platform has the potential to deliver the next generation of vaccines for major infectious diseases including pneumococcal disease.”
“We are pleased to make SutroVax the pioneer investment from Pivotal bioVenture Partners, our recently closed inaugural fund. I am delighted to join with the preeminent group of life sciences investors backing the company,” said Tracy Saxton, Ph.D., Managing Partner. “We are excited by the Company’s differentiated approach and ground-breaking progress in developing a potential best-in-class pneumococcal conjugate vaccine to provide coverage of circulating pathogenic strains outside of the current standard of care.”
As part of the financing, Patrick Heron and Tracy Saxton will join the SutroVax Board of Directors.
About Frazier Healthcare Partners
Founded in 1991, Frazier Healthcare Partners is a leading provider of growth and venture capital to healthcare companies. With nearly $3.0 billion total capital raised, Frazier has invested in over 170 companies, with investment types ranging from company creation and venture capital to buyouts of profitable lower-middle market companies. The firm’s Growth Buyout team invests in healthcare and pharmaceutical services, medical products and related sectors. The Life Sciences team invests in therapeutics and related areas that are addressing unmet medical needs through innovation. Frazier has offices in Seattle, WA and Menlo Park, CA, and invests broadly across the US, Canada, and Europe.
About Pivotal bioVenture Partners
Pivotal bioVenture Partners is a newly launched, San Francisco-based venture capital firm investing in early stage biotechnology companies. Pivotal closed a $300 million fund, and its investment strategy is centered on identifying companies developing differentiated science from discovery to early clinical development with the potential to deliver transformative therapies. The Pivotal team includes experienced life science investors and entrepreneurs with a track record of venture investing and scientific acumen.
About Pneumococcal Disease and the Pneumococcal Vaccine Market
Pneumococcal disease is an infection caused by Streptococcus pneumoniae. This infection can cause a wide range of serious illnesses including pneumonia, meningitis and blood stream infection as well as ear and sinus infections. According to the Centers for Disease Control and Prevention (CDC), an estimated 900,000 Americans suffer from pneumococcal pneumonia each year and up to 400,000 hospitalizations occur in the US. In addition, about 18,000 older adults die each year from pneumococcal disease in the U.S. The market-leading vaccine is a 13-valent PCV, Prevnar 13®, that has worldwide sales of approximately $6 billion annually yet does not protect against a significant number of circulating strains of pneumococcus causing invasive disease in adults and children. In the U.S., the CDC’s Advisory Committee on Immunization Practices (ACIP) recommends all children aged two months to five years and immunocompromised children aged six years and older be vaccinated with Prevnar 13®. In addition, the ACIP recommends all adults aged 65 years and older and immunocompromised adults aged 19 years and older be vaccinated with Prevnar 13®and Pneumovax®, a 23-valent non-conjugate vaccine with over $600 million in annual sales.
SutroVax is an independent vaccine platform and development company whose mission is to deliver best-in-class conjugate vaccines and novel complex antigen-based vaccines to prevent serious infectious diseases. The company is leveraging its exclusive license to Sutro Biopharma’s Xpress CF platform to perform cell-free protein synthesis and site-specific conjugation for the field of vaccines. For more information, visit www.sutrovax.com.
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Toronto medical device company CellAegis Devices Inc has secured about $12.8 million (US$9.5 million) in a Series C financing. The round was led by Canadian venture capital firm CTI Life Sciences Fund and co-led by an undisclosed U.S. strategic investor. MaRS Catalyst Fund, Broadview Ventures and several family offices also invested. With the deal, Dr. Shermaine Tilley, a CTI managing partner, and Broadview’s Christopher Colecchi have joined the board. CellAegis has developed the non-invasive autoRIC Device, which delivers therapy to patients with cardiovascular conditions. It will use the funds raised to support U.S. clinical testing and commercialization.
CellAegis Devices Announces US$9.5 Million Financing to Support Clinical and Regulatory Advancement of its autoRIC® Device
TORONTO, March 14, 2017 /PRNewswire/ – CellAegis Devices Inc, a Toronto-based medical device company, today announced closing a US$ 9.5 million Series C financing to support a U.S. clinical trial and de novo 510(k) regulatory filing for marketing of its autoRIC Device as an adjunct therapy to stenting. This device automatically delivers Remote Ischemic Conditioning (RIC) to provide a non-invasive, cardio-protective therapy shown to reduce heart damage during heart attacks and other cardiovascular procedures. The autoRIC Device is approved by Health Canada and in Europe where it is being used in multiple large investigator-sponsored trials to assess its efficacy in reducing clinical events after a heart attack.
The financing was led by CTI Life Sciences Fund, a leading Canadian venture capital investor, and co-led by a U.S. based strategic investor. Other investors included MaRS Catalyst Fund, Broadview Ventures and strategic family offices.
Dr. Shermaine Tilley, Managing Partner in CTI Life Sciences Fund, and an appointee from the US Strategic will join CellAegis’ board of Directors. Christopher Colecchi, from Broadview Ventures’, will also serve as a Director.
“We are ready to advance clinical commercialization of autoRIC Device in the EU and Canada, complete the FDA trial and gain approval to open the US market,” said Rocky Ganske, Chief Executive Officer of CellAegis Devices. “This financing adds the experience of seasoned Canadian and U.S. medical technology investors, and demonstrates the support of our existing investors.”
Dr. Tilley stated, “CTI Life Sciences Fund is enthusiastic to provide capital to CellAegis at this important juncture in the company’s development. The autoRIC Device shows promise in significantly improving outcomes in cardiovascular and other organ systems following ischemic events such as heart attacks, and we look forward to facilitating its clinical testing and regulatory submission for the U.S. market.”
*CellAegis autoRIC Device is not cleared or approved for clinical use in the United States.
About CellAegis Devices.
CellAegis Devices (Toronto, Canada) has patented and developed the non-invasive autoRIC Device, which delivers Remote Ischemic Conditioning (RIC) therapy to patients with acute and chronic cardiovascular conditions. This medical procedure protects the heart as well as other organs from ischemia and reperfusion injury. The autoRIC Device has CE Mark and Health Canada approvals for treatment during heart attacks, cardiothoracic or surgical procedures. Investigator sponsored clinical research studies for chronic conditions such as heart failure and stroke are also underway. The autoRIC Device was developed from the clinical work of Dr. Andrew Redington and colleagues at the Hospital for Sick Children in Toronto, and funded in part by the Fondation Leducq’s Transatlantic Networks of Excellence.
About CTI Life Sciences Fund.
CTI Life Sciences Fund L.P. was created in 2006 and is based in Montreal. The firm makes venture capital investments mostly in high quality biotech and medtech companies at the pre-clinical and clinical development stages, in North America, and primarily in Canada. Since its second mandate in 2014, CTI Life Sciences Fund manages $245 million of assets. For more information, please visit www.ctisciences.com.
About Broadview Ventures.
Broadview’s mission is to accelerate the development of promising technology for the diagnosis and treatment of cardiovascular and neurovascular disease through targeted investments. For more information visit http://broadviewventures.org
About MaRS Catalyst Fund.
MaRS Catalyst Fund launched in 2016 provides funding and support to Canadian companies pursuing social and environmental outcomes with business models that scale. MaRS Catalyst focuses on businesses that can deliver better Health outcomes, provide a more sustainable Planet and support happier People through innovative education products and work sustainability services. For more information please visit www.marscatalystfund.ca
**CellAegis and autoRIC are registered Trademarks of CellAegis Devices Inc.
Photo courtesy of CellAegis Devices Inc
Profound Medical Corp. Completes Previously Announced $17.4 Million Bought Deal Offering of Common Shares
THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
TORONTO, Nov. 14, 2016 (GLOBE NEWSWIRE) — Profound Medical Corp. (“Profound” or the “Company”) (TSX-V:PRN) today announced that it has completed its previously announced bought deal offering of 15,820,000 common shares of the Company (“Common Shares”) at a price of $1.10 per Common Share (the “Offering”) for gross proceeds of approximately $17.4 million. The Offering was completed through a syndicate of underwriters led by GMP Securities L.P., and including Echelon Wealth Partners Inc. and Mackie Research Capital Corp.
The Common Shares were offered by way of a short form prospectus in all of the provinces of Canada as well as in the United States under applicable registration statement exemptions. The Company intends to use the net proceeds from the Offering (a) to support certain costs and expenses of the TACT Pivotal Clinical Trial; (b) for ongoing expansion of infrastructure to execute on European sales and marketing plans; and (c) for general corporate purposes, including working capital.
The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.
About Profound Medical Corp.
The Profound team is committed to the effort to achieve a new therapeutic standard in prostate cancer. For the millions of men currently living with prostate cancer, and the thousands more who are diagnosed with it every year, current treatment options often mean having to make difficult choices based on potential side effects that can significantly impact quality of life. The Company’s mission is to profoundly change the standard of care by creating a tomorrow where clinicians can confidently ablate cancerous prostate tissue with precision, while actively protecting critical anatomy from potential side effects; a tomorrow where patients have access to a safe, fast and effective treatment option, so they can quickly return to their daily lives.
Established in 2008, Profound is commercializing a novel technology, TULSA-PRO™, which combines real-time Magnetic Resonance Imaging with transurethral, robotically-driven therapeutic ultrasound and closed-loop thermal feedback control that is designed to provide precise ablation of the prostate while simultaneously protecting critical surrounding anatomy from potential side effects. TULSA-PRO™ is CE Marked and Profound is sponsoring a multicenter, prospective FDA-registered clinical trial, TACT, which is designed to further demonstrate the safety and effectiveness of this innovative technology.
Forward Looking Statements
This release includes forward-looking statements regarding Profound and its business which may include, but is not limited to, the expectations regarding the efficacy of Profound’s technology in the treatment of prostate cancer. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “is expected”, “expects”, “scheduled”, “intends”, “contemplates”, “anticipates”, “believes”, “proposes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Such statements are based on the current expectations of the management of Profound. The forward-looking events and circumstances discussed in this release may not occur by certain specified dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting the Company, including risks regarding the pharmaceutical industry, economic factors, the equity markets generally and risks associated with growth and competition. Although Profound has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Profound undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, other than as required by law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For investor or media inquiries, please contact:
Profound Medical Corp.
Vice President, Finance
Profound Medical Corp.
VANCOUVER, British Columbia–(BUSINESS WIRE)–PHEMI, the company delivering security, privacy and governance insights through the promise of big data, today announced it has raised a $12.2 million round of venture financing to expand the commercialization phase of the company. Secured by a combination of new and existing investors, the financing was co-led by CTI Life Sciences Fund (CTI) and British Columbia Discovery Fund (Discovery Capital). It also included significant participation from early investors BDC Capital Healthcare Venture Fund and Yaletown Venture Partners.
“The big data market represents a tremendous growth opportunity for PHEMI in a variety of industries”
A team of serial entrepreneurs, Dr. Paul Terry, Adam Lorant and John Seminerio—with expertise in developing and commercializing innovative business and technology solutions for a wide variety of industries, including healthcare, telecommunications and high-performance computing— joined Chris Thompson and Alan Rabinowitz, two St. Paul’s Hospital cardiologists, in their start-up called PHEMI. With its initial focus in the healthcare and life sciences sectors, PHEMI will expand its focus to include a variety of data-driven communities, including public sector, insurance and financial services.
“Enterprises of all sizes are recognizing the enormous opportunity for discovery and innovation buried in their data,” said Dr. Paul Terry, president and CEO of PHEMI. “Data growth is massive—smart devices, the digitization of healthcare, genomics and other omics data, and dataflow from various sources such as email and the Internet—businesses must be able to take advantage of big data to remain competitive. Organizations that can move quickly to unlock their data silos, transform them into digital assets, and share this information, while protecting privacy and security, will win. With this additional capital, PHEMI will expand our sales, marketing and engineering efforts to ensure our partners and customers can use all of their data to create value and innovate.”
Innovative companies are striving to be more data-driven. PHEMI helps them unlock and share data without compromising privacy. PHEMI combines the scale and performance of big data with features that support rigorous security and performance, so enterprises can turn their focus from collecting and storing data to using it strategically, deriving insights to drive operational efficiencies, fuel innovation for competitive advantage, and lower costs. With the new financing in place, PHEMI will expand the sales channel for its award-winning solution, extending their solution offerings and sales reach through application and system integrator partners and data science expertise.
Dr. Shermaine Tilley, managing partner at CTI Life Sciences Fund stated: “Healthcare IT is an exciting and new investment direction for CTI. PHEMI’s unique solution and highly accomplished leadership team are on a rapid path to commercialization and we expect them to exceed expectations for current and prospective customers.”
“The big data market represents a tremendous growth opportunity for PHEMI in a variety of industries,” said Charles Cook, CMA for Discovery Capital. “PHEMI shares our vision for serving this segment of the market with a turnkey solution that helps organizations address the dual challenges of gathering data for insights while ensuring data privacy and security. We look forward to working with them as they evolve the way enterprises deploy big data and accelerate the rewards.”
PHEMI is a big data warehouse company that lets organizations easily access and mine any variety of data at any volume to drive insights that lower costs, improve outcomes, and allow better decisions faster. An Organizational Ambassador for Privacy by Design (PbD), PHEMI brings both privacy and performance to big data, along with the data management and control to ensure innovation, and privacy, security and governance. For more information visit http://www.phemi.com/ and follow us on Twitter.
About CTI Life Sciences Fund
CTI is a Montreal-based limited partnership making venture capital investments in high quality emerging life sciences companies at the start-up and development stage primarily in Canada. CTI has a diverse team of professionals in science and finance with extensive experience in the biotechnology and the pharmaceutical industries. The Fund works closely with entrepreneurs and researchers to increase the value of young companies. More information on CTI can be found at http://www.ctisciences.com.
About British Columbia Discovery Fund (VCC) Inc.
British Columbia Discovery Fund (VCC) Inc. was established to make venture capital investments in a portfolio of small businesses in British Columbia that qualify under the Small Business Venture Capital Act, focusing on all of B.C.’s top internationally recognized technology clusters: information technology (software and hardware); mobile technology (wireless and networking solutions); clean technology (alternative energy and energy-saving technology solutions); new media; and health and life sciences. To obtain further information about the Fund, please visit www.sedar.com or www.bcdiscoveryfund.com.
About BDC Capital
A subsidiary of the Business Development Bank of Canada (BDC), BDC Capital offers a full spectrum of specialized financing and investment solutions to help Canadian entrepreneurs achieve their full growth potential. With more than $1.6 billion under management, BDC Capital takes a strategic, patient approach to nurture companies’ development over the long term.
BDC Capital’s Healthcare Venture Fund invests in transformative Canadian companies that will dramatically increase healthcare productivity by reducing healthcare costs while improving patient health. The experienced team manages $270 million in capital across two different funds and invests in drugs, devices, diagnostics and digital health sectors. For more information, please visitwww.bdccapital.ca/health.
About Yaletown Venture Partners
Yaletown Venture Partners invests in emerging-growth sustainability innovation and intelligent enterprise technology companies in Canada and the US Pacific Northwest. With offices in Vancouver, Calgary and Seattle, Yaletown is led by a team that brings together industry relationships and more than 130 years collective experience building and financing technology companies. Founded in 2002, Yaletown is backed by leading institutional investors and a network of successful technology entrepreneurs, executives, and angel investors. Find out more about Yaletown and our portfolio of companies at www.yaletown.com.
SutroVax is an independent vaccine platform and development company that was spun-out of Sutro Biopharma.
Vaccine Spin-off from Sutro Biopharma to Utilize Site-Specific Conjugation Technology
SOUTH SAN FRANCISCO, Calif., July 23, 2015 /PRNewswire/ — SutroVax, a recently established biopharmaceutical vaccine company, today announced the completion of a $22 million Series A financing. SutroVax is developing vaccines for infectious disease targets, with an initial emphasis on best-in-class conjugate vaccines, using an exclusive license to Sutro Biopharma’s Xpress CF™ and Xpress CF+™ platforms for cell free protein synthesis and site-specific conjugation respectively.
The Series A financing was led by Abingworth, the international investment group, with participation from Longitude Capital, Roche Venture Fund and CTI Life Sciences Fund. SutroVax will use the funds to advance multiple vaccines in its pipeline through pre-clinical proof of concept.
Grant Pickering, CEO of SutroVax, said, “Our platform technology is already industrialized and uniquely enables precise site-specific conjugation and production of protein antigens that are beyond the reach of current technologies. We intend to develop best-in-class vaccines to address an array of high-impact infectious diseases.”
Conjugate vaccines comprise the largest segment of the vaccine industry with annual sales of approximately $8 billion across multiple licensed indications, including pneumococcus, meningitis, and H flu. By far the largest of those indications is the pneumococcus market with annual sales of nearly $6 billion. Despite the successes to date, there are not only a significant number of additional bacterial strains that have yet to be incorporated into current conjugate vaccines, but also many infectious diseases that have yet to be addressed using this potent modality.
“Abingworth is pleased to work with the talented team at SutroVax and this prestigious group of co-investors,” commented Kurt von Emster, Managing Partner of Abingworth.
As part of the financing, Kurt von Emster will become interim Chairman at SutroVax. In addition, Patrick Enright and Dr. Tracy Saxtonfrom Longitude Capital and Roche Venture Fund, respectively, will join Grant Pickering and William Newell, CEO of Sutro Biopharma, on the board of directors.
“It’s gratifying to see another high-value cache of applications gain momentum leveraging the platform and its well-developed infrastructure, including our large-scale cGMP facility,” commented William Newell, CEO of Sutro Biopharma.
About SutroVax: SutroVax is an independent vaccine platform and development company that was spun-out of Sutro Biopharma. The company will leverage Sutro’s Xpress CF and Xpress CF+ platforms for cell-free protein synthesis and site-specific conjugation to develop novel vaccines for an array of disease targets. SutroVax was founded by Grant Pickering, Jeff Fairman, Ph.D. (VP Research) and Ash Khanna, Ph.D. (Chief Business Officer) and received initial funding from Sutro Biopharma and Johnson & Johnson Innovation.
About Xpress CF+: Xpress CF+ is a proprietary cell-free protein synthesis platform that enables site-specific incorporation of multiple non-natural amino acid substitutions at precisely defined positions in proteins that enable attachment of chemical moieties, including polysaccharide antigens, via click chemistry. Incorporation of non-natural amino acids for conjugation using Xpress CF+ has been applied to antibody drug conjugates and multi-specific antibody-based therapeutics for cancer therapy, including immuno-oncology therapies by Sutro Biopharma. It has also been industrialized to large-scale production under cGMP conditions and has been the subject of multiple major collaborations with select pharmaceutical and biotech companies.