NATICK, May 20, 2013 (GLOBE NEWSWIRE via COMTEX) -- Karyopharm Therapeutics Inc., a leader in the new field of nuclear transport modulators, today announced that it has raised $48.2 million in a Series B financing. The funds will be used to advance the Company's pipeline of novel Selective Inhibitors of Nuclear Export (SINE) drug candidates for the treatment of advanced hematologic and solid tumors. The Series B round was led by a private investor with additional investors participating along with Delphi Ventures. In conjunction with this investment, Deepa Pakianathan, PhD, will join the Board of Directors as the representative from Delphi.
"This significant capital infusion will allow us to advance our lead drug candidate KPT-330 in two oncology indications through full clinical development," stated Michael Kauffman, M.D., Ph.D, Chief Executive Officer of Karyopharm. "We appreciate the support of our current and new investors and their belief in the potential of the SINE platform as a source of truly novel therapeutics."
Karyopharm is currently testing KPT-330 in two separate Phase 1 trials in patients with advanced, relapsed or refractory hematologic and solid tumors. Data from the solid tumor trial will be presented at the 2013 American Society of Clinical Oncology (ASCO) annual meeting in Chicago, Illinois later this month. Karyopharm anticipates initiating pivotal trials in at least two indications with KPT-330 in the first half of 2014.
Karyopharm Therapeutics Inc. is a clinical-stage biopharmaceutical company founded by Drs. Sharon Shacham and Michael Kauffman in late 2008 and has emerged as a leader in the new field of nuclear transport modulators. Karyopharm's selective inhibitors of nuclear export (SINE) function by trapping multiple tumor suppressor proteins in the nucleus, resulting in anti-cancer activity across multiple tumor types. Karyopharm's lead SINE KPT-330 is in two Phase 1 clinical studies for advanced solid tumor and hematologic malignancies. The related SINE KPT-335 is being tested in a pivotal study as an oral treatment for dogs with Non-Hodgkin's Lymphoma, one of the most common canine cancers. The Company is also testing SINEs in autoimmune, viral and dermatologic disorders. Karyopharm Therapeutics is located in Natick, Massachusetts.
CONTACT: Beth DelGiacco
Stern Investor Relations, Inc.