|Onconova Therapeutics CEO Ramesh Kumar|
The biotech: Onconova Therapeutics
Round: $50 million
Based: Newtown, PA
CEO: Ramesh Kumar
The scoop: Onconova unveiled the big round back in August in a filing with the SEC. And a month later it put out the word that Baxter International ($BAX) had stepped in with a $50 million upfront to license European rights for its late-stage cancer drug rigosertib. The biotech has a full slate of mid- and late-stage studies under way on the experimental drug, a multikinase inhibitor targeting mitotic and PI-3 kinase pathways. Investigators are pursuing a study for an IV formulation of rigosertib for patients with myelodysplastic syndromes who have failed other drugs or relapsed. And a Phase II/III is enrolling pancreatic cancer patients, one of the toughest cancer populations any developer can tackle. An early-stage study for acute myelogenous leukemia is also being prepped.
Baxter and Onconova ink $500M-plus licensing pact for PhIII cancer drug
Onconova hauls in $50M to fuel late-stage leukemia program