Alpine raises $91M to fuel the Seattle biotech’s clinical trials for lupus and cancer

on

|

views

and

comments

[ad_1]

Alpine’s pipeline. (Alpine Graphic)

Alpine Immune Sciences will move a potential treatment for immune conditions into human testing and support its ongoing trials for cancer thanks to around $91 million in new funding.

The publicly traded biotech is raising the funds through a private placement, announced Wednesday, offering securities to a select group of investors. The private offering, led by Seattle-based Frazier Healthcare Partners, will close on Friday.

The funding will fuel Alpine’s program developing ALPN-303, designed to treat lupus and other inflammatory diseases. The company expects to initiate a phase 1 study for the agent by this winter.

The funding will also support clinical studies of ALPN-202, which is designed to prompt an immune response against tumor cells. The company presented data from its phase 1 study on ALPN-202 this year, suggesting that the agent is well-tolerated and appeared to have a clinical benefit in the study of a small group of cancer patients.

Alpine is also collaborating with Merck to test the pharma giant’s blockbuster cancer immunotherapy drug Keytruda in combination with ALPN-202 in a separate phase 1 trial.

James Topper, managing general partner of Frazier Healthcare Partners. (Frazier Photo)

“As a long-term backer of Alpine, we are impressed by the company’s progress and their emergence as a leader in both immunology and immuno-oncology,” said James Topper, managing general partner of Frazier’s life sciences team, in a statement.

Alpine had $100 million on hand in June in cash, cash equivalent, restricted cash and investments, and was expecting to receive $45 million in a milestone payment from AbbVie this fall, according to an August statement.

That payment is part of a licensing deal inked last year with the pharmaceutical giant for another immune-modulating agent, ALPN-101, for lupus. Alpine’s phase 2 trial for ALPN-101 is ongoing.

The company’s research and development expenses reached $14.6 million for the last quarter, almost double the amount spent the same quarter in 2020, according to the August update.

The biotech also raised $60 million last year in a previous private offering. Alpine had 57 employees at the end of 2020 and has continued to hire more into 2021.

Alpine develops therapeutic proteins through a process designed to mimic evolution to engineer agents that modulate the immune system.

ALPN-303 operates by interfering with the growth and survival of B cells. By calming down these key immune cells, ALPN-303 has the potential to treat B-cell mediated autoimmune conditions such as lupus and multiple sclerosis.

ALPN-202 operates as a checkpoint inhibitor, a class of immunotherapy drug that includes Keytruda. Checkpoint inhibitors awaken the immune response by interfering with molecules that put a “check” on the immune system and normally dampen it. ALPN-202 is additionally souped up to interfere with two molecular “checks” and also to more directly boost the function of T cells.

Alpine’s pipeline also includes a cell therapy program.

As part of the new offering, Alpine will issue approximately 6.5 million shares of common stock and 3.2 million pre-funded warrants, pricing them at $9.40. That’s a 4.4% premium over the closing price of $9 on Tuesday.

The current round of investment also included Decheng Capital, BVF Partners, TCG X, Avidity Partners, OrbiMed, Omega Fund, and Logos Capital. Alpine’s stock closed at $9.81 on Wednesday.



[ad_2]

Share this
Tags

Must-read

Tammy Hembrow shows off her ‘unreal’ six pack transformation

Tammy Hembrow is known for her trademark booty, but she’s left her followers floored after showing off her sculpted abs.She’s Australia’s biggest fitness...

NRL news 2021: Manly Sea Eagles police escort, Manly vs South Sydney preliminary final

Manly needed a police escort to get to its preliminary final and several NRL legends believe doesn’t bode well for the Sea Eagles.Manly...

Xplore wins $2M Pentagon contract f to speed up work on Xcraft

Redmond, Wash.-based Xplore says it has received...
spot_img

Recent articles

More like this

LEAVE A REPLY

Please enter your comment!
Please enter your name here