Immusoft Raises $20 Million in Series B Financing
Immusoft Corporation, a Seattle-Wash.-based cell therapy company, announced today it has held the final closing in its $20 million oversubscribed Series B financing.
Immusoft plans to use the proceeds from this financing to advance ISP-001 (iduronicrin genleukocel-T) through Phase I/II clinical development. ISP-001 incorporates Immusoft’s Sleeping Beauty transposon engineered autologous B cells for the expression and delivery of alpha-L-iduronidase (IDUA) to treat Mucopolysaccharidosis type I (MPS I). The round will also be used to support the development of additional pipeline candidates that leverage Immusoft’s proprietary Immune System Programming (ISP™) approach to B cell modification.
New and existing investors participated in the financing including Breakout Ventures, Alexandria Venture Investments, RBV Capital, DEFTA Partners, and Mesa Verde Venture Partners.
“Throughout 2018, the Immusoft team made extraordinary progress advancing our ISP platform. This is highlighted by our lead candidate, ISP-001, receiving both orphan drug and rare pediatric disease designations from the FDA,” commented Sean Ainsworth, Chief Executive Officer of Immusoft. “With the closing of our Series B financing, we believe we are now strongly positioned to advance this novel approach for treating MPS I patients through Phase I/II clinical development with the goal of generating initial safety and potential efficacy data during 2019.”
Immusoft’s aim is to dramatically extend the sustained delivery of proteins to patients by using the ISP™ technology to reprogram a patient’s B cells, a type of immune cell, outside of the body to produce therapeutic proteins, such as IDUA.
The application of Immusoft’s ISP platform is being further advanced with a recent $3.5 million SBIR grant the company received to support development of sustained protein delivery across the blood brain barrier, directly to the brain and central nervous system.
About Immune System Programming (ISP™) Technology
Immusoft’s proprietary ISP™ platform technology is hybrid cell/gene therapy approach, which uses a clinically validated, non-viral vector for safe, reliable insertion of functional genes into immune cells. Once administered back into the patient, a subset of ISP™ modified cells reside within survival niches in the body, continuously secreting gene-encoded protein(s). The platform’s broad utility to produce virtually any biologic drug entity (e.g. antibodies, proteins or enzymes), has the potential to disrupt the current standard of care for many diseases requiring recombinant enzyme replacement therapy, as well as, address rare orphan diseases.
About MPS I
MPS I (Mucopolysaccharidosis type I) is a rare, lethal childhood genetic disease that affects the body’s ability to produce IDUA (alpha-L-iduronidase), which is an essential enzyme that helps to break down long-chain sugars inside cells. When the sugar chains cannot be broken down and disposed of, they accumulate in the cells and cause progressive damage. This accumulation can happen in the tissues, including the brain. In its most severe form, children affected rarely live longer than ten years after diagnosis. Otherwise known as Hurler-Scheie Syndrome, the current standard of care for MPS I requires frequent IDUA infusions, which are expensive and palliative at best, with long-term survival difficult to achieve for most patients.
Immusoft Corporation’s (immusoft.com) mission is to treat diseases using its breakthrough technology platform called Immune System Programming (ISP™). The technology modifies a patient’s B cells and instructs the cells to produce gene-encoded medicines (biologics). The B cells that are reprogrammed using ISP become miniature drug factories that are expected to survive in patients for many years. Immusoft Corporation is based in Seattle, Washington.
Cautionary Note on Forward-looking Statements
Statements in this press release that are not strictly historical are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on management’s current plans, estimates and projections. The beliefs, assumptions and expectations on which these statements are based can change as a result of many possible events or factors, not all of which are known to Immusoft Corporation or are within its control. Immusoft Corporation undertakes no obligation to update any forward-looking statement in light of new information or future events. Actual results or outcomes may differ from those implied by the forward-looking statements as a result of a number of operational, scientific, regulatory and related risks and uncertainties.
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