PDI Therapeutics will focus on the development of novel stand-alone or combination immunotherapies to enlist the body’s immune system for fighting cancer.
The company is named for protein disulfide isomerase. In case of overexpression, the protein can help tumor cells prevent detection by the immune system’s NK and T cells.
PDI is developing antibody inhibitors to specific protein disulfide isomerases to expose tumor cells, allowing the immune system to identify and destroy them.
The company’s inhibitors may be used as a stand-alone therapy or in combination with other known immunotherapies like CAR-NK that stimulate the immune system to recognize and remove solid tumors.
Meanwhile, Avalon and COI announced that the first two companies formed under the collaboration with GlaxoSmithKline (GSK) have achieved their first milestones.
Sitari Pharmaceuticals and Silarus Therapeutics have both achieved lead declaration and established a path to identify a clinical candidate.
Sitari is developing novel treatments for celiac disease, while Silarus is focused on the development of novel treatments for iron overload disorders.
GSK vice president, business development head of R&D West Coast satellite Damien McDevitt said: "We look forward to further scientific advancements from this collaboration as well as formation of additional companies with innovative technologies that can address unmet medical needs.
PDI will receive up to $10m in Series A financing and R&D support from Avalon and GSK as well as R&D and mentoring support through COI Pharmaceuticals.
GSK has the option to acquire each of the companies when a clinical candidate is found.
If GSK does not elect to exercise its option, Avalon will retain its ownership in the company, and will be allowed to enter into other strategic transactions.