BOSTON--(BUSINESS WIRE)--Boston Immune Technologies and Therapeutics, Inc. (BITT), a privately held developer of novel TNF Superfamily antagonist antibodies, announced today that the company has completed $10 M Series A/A1 preferred stock financing. Investors in the Series A preferred stock financing include BeiGene, Ltd., along with undisclosed private investors and prior investors Hatteras Venture Partners and EGP Investments. Funds will support the clinical development of BIR2101, a novel, TNFR2 antagonist antibody for indications in oncology and infectious disease and additional pipeline candidates. The company also announced that Lusong Luo, Ph.D., Senior Vice President of External Innovation at BeiGene and Joseph McMahon, CEO of Bioventure Partners, will be joining BITT’s board of directors.
“This funding, in combination with our recent option and license arrangement with BeiGene, means BITT has the resources to move BIR2101 into the clinic and support proof of concept studies for additional TNF Superfamily targets,” said Russell LaMontagne, Co-founder and Chief Executive Officer of BITT.
BITT is exploring clinical trials for BIR2101 as monotherapy and in combination with checkpoint blockade. TNFR2 is highly expressed on the most suppressive cells in the tumor microenvironment and has been identified as a driver of resistance to checkpoint blockade. In multiple murine models, the combination of TNFR2 with PD-1 results in significantly higher cure rates. BITT anticipates filing an IND for BIR2101 by end of 2021. Discovery stage antagonist antibodies for additional TNF Superfamily targets are in development.
About Boston Immune Technologies and Therapeutics
Boston Immune Technologies and Therapeutics (BITT) is a Boston, MA based company developing a novel class of antagonist antibodies targeting the TNF superfamily receptors for applications in oncology, inflammation, autoimmunity, and infectious disease. BITT is initiating clinical trials for BIR2101, its lead candidate, a monoclonal antibody that targets tumor necrosis factor receptor 2 (TNFR2). BITT is also developing additional TNF superfamily antibodies including CD40 antagonists for inflammation and CD30 antagonists for oncology. For more information, visit our website at www.bostonimmunetech.com.