La Jolla, CA-based Intellikine has scooped up $51 million in venture fund commitments to support its work in one of the hottest fields in biomedical research. Novartis Bioventures led the financing with U.S. Venture Partners, Biogen Idec and FinTech Global Capital taking part for the first time. The biotech's existing investors--Abingworth, CMEA Capital and Sofinnova Ventures, which provided the company's first round of $12.5 million--all took part. Intellikine gets $28.5 million of the new round now and the rest as it hits a series of milestones.
Intellikine is out to develop isoform-selective inhibitors of the PI3K pathway for cancer, inflammation and autoimmune diseases--a field that has attracted a number of developers in recent years. Its lead therapy, INK128, a selective TORC1/2 inhibitor, has demonstrated efficacy in multiple models of cancer and is expected to enter Phase I clinical studies within a year.
"This financing gives us the resources necessary to advance our pipeline of PI3K/mTOR inhibitors into clinical development as well as significant flexibility to build strategic partnerships to deliver the best medicines for patients and the greatest value for our investors," says CEO Troy Wilson.
- check out the Intellikine release