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MedTech Outlook | Friday, April 17, 2020
PIC Therapeutics closes a $5M Series Seed round of preferred equity funding
Fremont, CA: PIC Therapeutics (“PIC”), a biotech company focused on transforming the treatment of cancer via selective modulation of oncogene translation, secured a $5M Series Seed funding round of preferred equity funding.
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Advent Life Sciences (“Advent”) led the oversubscribed round. It included participation by Belinda Termeer, widow of legendary Genzyme CEO Henri Termeer, along with several biopharmaceutical industry executives and other individual investors.
PIC Therapeutics was founded based on the extensive research conducted by Professor Gerhard Wagner of Harvard University and is led by founding CEO Sul Altbach, a veteran of life sciences and by Dr. Alan Walts, Executive Chairman, and Venture Partner at Advent Life Sciences. PIC Therapeutics is supported by a widely recognized Scientific Advisory Board and Board of Directors.
[vendor_logo_first]PIC focuses on the “master switch” of cancer signaling pathways, blocking oncogene protein production by selectively modulating the Pre-Initiation Complex (PIC), especially elF4E - a convergence point that supports oncogene RNA translation. PIC Therapeutics’ targeted approach can simultaneously affect multiple oncogenic drivers leading to a powerful new generation of cancer-treating therapeutics that address drug resistance and tumor heterogeneity, issues that plague several existing treatments.
Sun Altbach, the CEO, commented, “This is an important step for PIC as we seek to transform how cancer is treated and therefore make a significant difference in patients’ lives. With this funding in hand, we can accelerate our program focusing on allosteric regulation of eIF4E via an innovative drug development platform designed to produce early proof of concept in advance of the clinic.”
Alan Walts, Executive Chairman, and Venture Partner at Advent added, “PIC is a leader in the rapidly advancing field of translational modulation of oncogenes. PIC has developed a best in class portfolio of proprietary small molecule modulators of eIF4E and a comprehensive platform to validate human tumor activity. We are pleased to support their efforts to develop a new class of cancer therapies.”
See also: Top Biotech Startups
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