SAN LEANDRO, Calif.--(BUSINESS WIRE)--BioClin Therapeutics, Inc., a clinical stage drug development company developing a first-in-class anti-FGFR3 (fibroblast growth factor receptor 3) monoclonal antibody for metastatic bladder cancer, announced today expansion of its Series B financing to $50 million to broaden its clinical development activities. New investors, Sectoral Asset Management and INKEF Capital, joined existing investors Sofinnova Ventures, Ysios Capital, HealthCap, Tekla Capital Management funds, and Life Sciences Partners (LSP) in the round. Since its founding, the company has raised a total of $79 million.
The proceeds from this financing will be used to advance the company’s lead development candidate, B-701, for the treatment of patients with metastatic bladder cancer, or metastatic urothelial carcinoma (mUC). “This financing supports our Phase 2 trials evaluating B-701 both as a single agent, as well as in combination with pembrolizumab and separately with docetaxel. We anticipate completing enrollment in these Phase 2 studies by the second half of 2018, with initial data expected by year-end,” said Stephen Lau, CEO of BioClin Therapeutics.
“We are delighted that Sectoral Asset Management and INKEF Capital have joined the BioClin investor syndicate. The additional funding will allow the Company to move forward with the only targeted biologic specific for FGFR3 in clinical development for bladder cancer,” said David Kabakoff of Sofinnova and board member of BioClin Therapeutics.
About BioClin Therapeutics, Inc.
BioClin Therapeutics, Inc. is a privately-held clinical stage biotechnology company developing biologics to address medical conditions in areas of high unmet need. The company is focused on FGFR3 (fibroblast growth factor receptor 3), a driver mutation in metastatic bladder cancer and potentially other cancers. The company’s lead program, B-701, is the only targeted biologic specific for FGFR3 in clinical development. BioClin has ongoing clinical studies in metastatic bladder cancer including B-701 monotherapy, and B-701 in combination with standard-of-care chemotherapy, as well as with pembrolizumab, an immune checkpoint inhibitor.
For more information, please visit BioClin’s website: www.bioclintherapeutics.com
This press release contains forward-looking statements about the business and prospects of BioClin Therapeutics, Inc., which involve risks and uncertainties, including, without limitation, statements about the timing and plans to conduct clinical trials of B-701 in mUC. These risks and uncertainties include, among others: timing of enrollment in and results of the clinical trials; safety of B-701 alone or in combination with other therapies; the content and timing of decisions by the U.S. Food and Drug Administration, the European Commission and other regulatory authorities concerning B-701. Such statements are subject to certain risks and uncertainties, particularly those inherent in the process of developing and commercializing drugs. The company's forward-looking statements also involve assumptions that, if they prove incorrect, would cause its results to differ materially from those expressed or implied by such forward-looking statements. BioClin is under no obligation, and expressly disclaims any obligation to update or alter any forward-looking statement, whether as a result of new information, future events or otherwise.