Biotech company Callio Therapeutics launched with the closing of a US $ 187.0 million Series A financing round.* The newly formed company, with headquarters in Seattle and Singapore, intends to use the proceeds from the Series A financing to achieve clinical proof-of-concept for its novel Human Epidermal Growth Factor Receptor 2 (HER2-) targeted dual-payload antibody-drug conjugate(ADC) and a second undisclosed ADC program.
In addition to the financing, Callio Therapeutics has entered into an exclusive worldwide license agreement with Hummingbird Bioscience for its multi-payload ADC platform in oncology, and associated intellectual property and pipeline assets, in exchange for equity, potential milestone payments and royalties.
Callio Therapeutics’ is developing next-generation, multi-payload ADCs that feature differentiated payload and linker technologies that enable targeted delivery of multi agents to tumor cells to maximize therapeutic benefit. Callio Therapeutics’ lead program is a HER2-targeted dual-payload ADC. Callio Therapeutics was created by Frazier Life Sciences, a longstanding investment firm focused on innovative therapeutics, based on ADC technology and programs exclusively in-licensed from Hummingbird Bioscience.
“We are delighted to be launching Callio Therapeutics with the support of Frazier Life Sciences and this syndicate of investors. Multi-payload ADCs have the potential to enable the targeted delivery of rational drug combinations to cancer cells, and may provide significantly enhanced efficacy,” said Piers Ingram, PhD, co-founder and Chief Executive Officer of Callio Therapeutics. “This new generation of ADC therapies may meaningfully improve outcomes for patients.”
“The multi-payload ADCs being developed at Callio Therapeutics have the potential to address large unmet medical needs by overcoming many of the limitations of existing ADCs,” said Adam Simpson, Executive Board Chair of Callio Therapeutics and Venture Partner at Frazier Life Sciences.
“With the expertise of the Callio Therapeutics team, together with access to the innovative multi-payload ADC technology, we believe that Callio Therapeutics will be the first company to show the clinical benefit of this exciting new multi-payload ADC approach and is well positioned to transform cancer therapy.”
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Note:* Financing was led by Frazier Life Sciences with significant participation from Jeito Capital alongside other life sciences investors, including Novo Holdings A/S, Omega Funds, ClavystBio, Platanus, Norwest, Pureos Bioventures, SEEDS Capital and EDBI.
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