DURHAM, N.C.--(BUSINESS WIRE)--Grid Therapeutics, LLC, a biotechnology company developing a first-in-class, novel human-derived targeted immunotherapy for cancer, today announced the closing of its Series B financing. Grid will use the proceeds from the financing to accelerate and expand the development of Grid’s lead therapeutic candidate, GT103, for the treatment of solid tumors, and to prepare for clinical trials in cancer patients scheduled to commence in early 2019. Grid’s foundation is the innovative science developed by Edward F. Patz, Jr., MD, and his team of scientists at Duke University Medical Center.
Grid’s Series B financing was led by Milestone Holdings, a California-based venture company boasting a strong history of identifying and funding companies developing disruptive technologies with revolutionary intellectual property, Paul Funk, a veteran software entrepreneur and founder of Funk Software, and Jeffery “TJ” Heyman, Founder and Chief Investment Officer of Woodbourne Capital Management International.
Grid’s unique platform is based upon a groundbreaking approach of identifying specific tumor immunoglobulin G (IgG) antibodies from cancer patients with exceptional outcomes. Grid’s unique strategy obtained the sequence and isolated its lead IgG3 antibody directly from cancer patients’ single B cells, which will modulate the immune system to kill tumors without known side effects.
“Grid Therapeutics is very excited to welcome our new investors, all of whom bring a rich history of innovation and thought leadership. With this new round of capital, we are well positioned to accelerate the development and advancement of our novel antibody into the clinic,” commented Dr. Patz, CEO of Grid.
Grid Therapeutics is a biotech company built on the innovative science developed by Edward F. Patz, Jr. MD and his team of scientists at Duke University Medical Center. Located in Durham, North Carolina, Grid is developing the first human derived targeted immunotherapy for cancer. The antibody was discovered in early stage lung cancer patients who never progressed or developed metastasis. The antibody was isolated from patient’s B-cells using state of the art molecular genomic techniques. “GT103,” the company’s lead asset, is expected to enter a first-in-man Phase 1 clinical trial in advanced-stage solid tumor patients in early 2019.