Houston-based DNAtrix, a clinical-stage biotech company with a unique and groundbreaking focus on oncolytic immunotherapy for a deadly and aggressive type of brain tumor, has just announced the completion of a $20 million Series B equity funding round for glioblastoma treatment. While the company is primarily focused on finding a solution to glioblastoma, much of the funding also goes into their expansive studies on how their flagship pipeline product can also treat other forms of cancer, such as ovarian, prostate, and pancreatic cancer.
Their lead experimental product, DNX-2401, is the product of more than 10 years of intensive research and development. It has shown highly promising results in pre-clinical and clinical stages of research, having already been used to successfully treat 35 patients with glioblastoma. The formulation is comprised of a laboratory-modified cold virus that targets and kills cancer cells. To this day, it is the most potent and effective oncolytic virus administered to patients with a brain tumor.
Thanks to the company’s lead backer, Morningside Ventures in China, and with the help of Mercury Fund and Targeted Technology Fund, DNX-2401 is several steps closer to approval, and finally reaching patients in dire need of a reliable treatment, according to the company. Joining the company’s board of directors to help make this happen as soon as possible is Morningside’s Reenie McCarthy, who has represented the investment company since 1993.
“Securing this funding is a significant milestone that will enable us to advance our lead oncolytic virus product, DNX-2401, into late stage clinical trials for glioblastoma. … We have encouraging results from four completed and ongoing clinical studies, and this over-subscribed funding round validates our data-driven clinical approach.” – Frank Tufaro, Ph.D., President and CEO of DNAtrix
This past June, the US Food and Drug Administration granted DNAtrix a Fast Track status for DNX-2401. This was made possible largely by two of its most recently concluded studies that showed the product’s safety, efficacy, and potentially long-term benefits.