Cold Genesys has raised $13.57 million in Series A financing from Ally Bridge Group. Based in Newport Beach, Calif., CGI is a clinical-stage biopharmaceutical firm developing oncolytic immunotherapies for cancer.
NEWPORT BEACH, Calif., Jul 30, 2014 (BUSINESS WIRE) — Cold Genesys, Inc. (“CGI”), a clinical-stage biopharmaceutical company developing oncolytic immunotherapies for cancer, announced today that it has secured Series A financing of $13.57 million from Ally Bridge Group. CGI will deploy the capital to advance its ongoing Phase II/III BOND trial which is evaluating CG0070 in patients with high-risk carcinoma in situ non-muscle invasive bladder cancer (NMIBC).
“The addition of Ally Bridge Group as a strategic investor at this critical juncture of our CG0070 program for NMIBC not only enables us to complete the Phase III portion of the BOND trial, but also allows us to immediately develop other treatment options in advanced bladder cancer, as well as in other solid tumors,” said Dr. Alex Yeung, President and CEO of Cold Genesys.
CG0070 is an engineered oncolytic virus that contains a cancer-specific promoter and a GM-CSF transgene. This combination not only leads to tumor-specific oncolysis, but also induces an adaptive anti-tumor immune response that may synergize with immune checkpoint modulators. In addition to bladder cancer, it is believed that CG0070 will have activity across other solid tumors. The BOND trial is being conducted under a Special Protocol Assessment (SPA) from the U.S. Food and Drug Administration and began enrolling patients at 10 major cancer centers in the U.S. in March 2014.
“Cold Genesys has taken its proprietary viral immune-stimulation platform technology to an advanced clinical stage, and is another promising company in our portfolio of immuno-oncology investments. We believe that immune modulation has become an irreversible and growing trend for cancer treatments and are pleased to commit both financial and human resources to assist Cold Genesys in its R&D, clinical, and strategic development,” said Frank Yu, Founder and CEO of Ally Bridge Group.
In conjunction with the financing, David Nikodem, Ph.D., Managing Director and Head of Biopharma Investments at Ally Bridge Group, will join the CGI Board as Director. Arthur Kuan, a founding member of Ally Bridge Group, will join CGI as Vice President of Research and Clinical Project Management.
About Cold Genesys
Cold Genesys, Inc. (“CGI”) is a privately-held, clinical-stage oncolytic viral immunotherapy company with its lead product CG0070 now in an integrated Phase II/III clinical trial for bladder cancer. CG0070 is a conditionally replication-competent adenovirus, containing an E2F promoter in the viral E1A region that drives the expression of GM-CSF. CGI also has developed n-dodecyl-β-D-maltoside (“DDM”) to specifically enhance viral transduction in cancer cells. CG0070 was previously tested in a Phase I/II trial of 35 patients with non-muscle invasive bladder cancer in 2008. Results of the trial were published as shown:
More information can be found at www.coldgenesys.net .
About Ally Bridge Group
Ally Bridge Group (“ABG”), founded and led by Frank Yu, is a global healthcare-focused investment group with bases in Hong Kong and the United States. ABG and its affiliates manage over $500 million in assets in both the United States and China, with a focus on disruptive technology platforms in both biopharmaceuticals and medical devices. ABG has expertise in cementing strategic partnerships between emerging life sciences companies and industry leaders, as well as between companies in China and the United States. Investments in immuno-oncology and specialty pharma companies constitute ABG’s biopharmaceutical investment portfolio.