NEW HAVEN, Conn., March 26, 2014 /PRNewswire/ -- Kolltan Pharmaceuticals, a privately held biopharmaceutical company focused on the development of novel biologics targeting receptor tyrosine kinases, today announced the completion of a $60 million Series D financing. The financing was led by a new investor, a Boston-based global institutional asset manager, and by an existing investor, KLP Enterprises. Additional new investors participating in this transaction include Deerfield Management, Franklin Berger, and others. Existing investors in the financing include HBM Healthcare Investments Ltd., Purdue Pharma L.P., Osage University Partners, and others.
Kolltan plans to use the proceeds from the Series D financing to advance the Company's lead clinical-stage candidate, KTN3379, into Phase 2 clinical trials in cancer patients suffering from various malignancies. KTN3379 is a novel, dual-mechanism monoclonal antibody that is a potent inhibitor of the ErbB3 receptor tyrosine kinase (RTK). KTN3379's dual mechanism of action is designed to block activation of the ErbB3 RTK regardless of whether ErbB3 is being activated by its ligand, neuregulin, or by its association with other RTKs such as ErbB2. KTN3379 is currently being evaluated in a Phase 1 clinical trial to generate data to support the Phase 2 clinical development plan. Kolltan also plans to use the proceeds of the financing to advance preclinical candidates toward IND filing and clinical studies.
"With this strong financial support from both new and current investors, we are able to advance KTN3379 into the evaluation of specific populations of cancer patients where ErbB3 is believed to play an important role in disease pathogenesis," said Jerry McMahon, Ph.D., President and Chief Executive Officer of Kolltan Pharmaceuticals. "In addition, we plan to accelerate the development of two additional undisclosed first-in-class biologic product candidates, while continuing to fund our ongoing earlier-stage research programs."
"Kolltan has assembled an experienced executive team and distinguished board of directors known for their scientific and operational excellence and accomplishments. Furthermore, the team has a track record of successful product development from discovery through commercialization and the creation and return of value to shareholders," said Kolltan Co-Founder and Chairman, Arthur Altschul, Jr. "This financing provides Kolltan with funding to advance multiple differentiated product candidates through significant milestones in clinical as well as preclinical development, to continue to develop our innovative research pipeline, and to create opportunities to fund or partner our clinical-stage assets."
About Kolltan Pharmaceuticals
Kolltan, a privately held clinical-stage company, is focused on advancing a new generation of therapeutics in oncology and other diseases by discovering and developing novel biologic agents designed to modulate the function of receptor tyrosine kinases (RTKs). Kolltan is led by an experienced team of executives and scientists with a deep understanding of RTKs, their ligands, and cellular signaling. Located adjacent to the Yale Medical School in New Haven, Connecticut, Kolltan is working in close collaboration with the laboratory of Kolltan co-founder, Dr. Joseph Schlessinger, as well as the Yale medical and scientific community to bring important medicines to cancer patients and other patients with serious diseases. The Company's R&D pipeline is advancing rapidly, with the first clinical trial initiated in January 2014.
Any statements in this news release about future expectations, plans and prospects for Kolltan constitute forward-looking statements. Forward-looking statements in this news release include statements regarding the initiation and conduct of Kolltan's clinical trials and the use of proceeds from Kolltan's Series D financing. Actual results may differ materially from those indicated by such forward-looking statements. Kolltan anticipates that subsequent events and developments may cause its views to change. However, while Kolltan may elect to update these forward-looking statements in the future, Kolltan specifically disclaims any obligation to do so.
For more information about Kolltan Pharmaceuticals, please visit www.kolltan.com.
Burns McClellan, Justin Jackson
Kolltan Pharmaceuticals, Inc.