Glycostem raises capital for phase I/IIa clinical trials
Glycostem Therapeutics, a clinical stage and leading NK-cell company today announced that Korean investor, E&F Healthcare Holdings and existing investor LUPUS Ventures B.V. have invested €9 million and €5 million respectively. Together with the recently announced €5 million awarded by the Dutch Government (RVO’s Innovation Credit grant plus various commercial revenues from development partners; Glycostem has funding for the duration of the phase I/IIa trial for its lead product oNKord® in the indications of AML and MM.
Troels Jordansen, CEO said “This funding allows us to progress the clinical development of our unique and exciting lead product; oNKord®. It is also a significant step in the treatment with offthe-shelf, cellular immunotherapy products in hard-to-treat cancer patients. We would like to welcome E&F Healthcare Holdings as a shareholder. It is the second time LUPUS invests in Glycostem and we are very proud and honour to be working with these two uniquely dynamic shareholders. Since the first investment by LUPUS, Glycostem has met its objectives, reached the milestones and is advancing according to plan. The GMP license (announced 25th June ‘19) will facilitate production of oNKord® for the phase I/IIa clinical trials for our lead product oNKord® in AML starting early ’20, followed by MM indication 12 months later, is a good example of how fast we have advanced. We have, however, also made great advances on cell yield, automation and setting up our own CAR-NK products.”