Pique Therapeutics raises Series A round of financing
DURHAM, North Carolina - June 9, 2009 -- Pique Therapeutics, Inc., a biopharmaceutical company, announced today that it has raised a Series A round of financing from private investors including the Piedmont Angel Network and the Wilmington Investors Network. Details of the Series A round were not disclosed, but the Company notes that this was the first tranche of a two-tranche financing, and that the first tranche was oversubscribed by approximately 20%.
The proceeds from the Series A financing will be used to fund a multi-center, Phase 2 clinical trial in late-stage non-small cell lung cancer, for the Company's lead therapeutic product, PT 107. In a Phase 1 trial, PT 107 showed a dramatic extension of overall survival in patients with late-stage non-small cell lung cancer, as patients on the drug lived more than twice as long as is typical for this patient population.
"This funding places Pique in a strong financial position," said Christopher S. Meldrum, President of Pique Therapeutics. "We are delighted that investors have recognized the value of Pique's lead program, PT 107, in treating this deadly and highly prevalent form of lung cancer."
ABOUT PT 107
Pique's lead product is a first-in-class therapeutic vaccine for the treatment of non-small cell lung cancer. PT 107 has completed Phase 1 clinical trials, was well tolerated, and had a very good safety profile in cancer patients. PT 107 showed a dramatic improvement in median overall survival (11 months) for patients with late-stage non-small cell lung cancer, more than doubling the expected 4 to 6 months survival in these patients. Remarkably, over 30% of the patients have survived 4 years or longer. PT 107 is currently in a two-arm, double-blind Phase 2 trial, to further examine the safety and efficacy of the drug.
ABOUT PIQUE THERAPEUTICS
Pique Therapeutics is a biopharmaceutical company seeking to become the leader in the development of new therapeutic vaccines, focused initially on the treatment of cancer, with products to treat lung, pancreatic, colorectal, and head & neck cancers. The Company was founded on the research of Eckhard R. Podack, M.D., Ph.D., who is Chair of the Department of Immunology and Microbiology at the University of Miami.