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news.Sapience Therapeutics, a biotechnology company focused on developing novel therapeutics to address difficult to treat oncology indications, has raised $22.5m in a Series A financing.
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Sapience issued shares of its common stock in the financing.
The proceeds of the financing will fund the development of Sapience's lead drug candidate, ST-36, which selectively targets a protein that promotes the growth of many types of tumors, including an aggressive type of brain cancer called glioblastoma (GBM).
The financing was led by Eshelman Ventures, with additional participation from Celgene Corporation, TaiAn Technologies Corporation and Healthlink Capital. Columbia University, which licensed its intellectual property to Sapience, is also a shareholder in the company.
Dr. Barry Kappel, chief executive officer and founder of Sapience Therapeutics, stated, "We are pleased to have the financial support of Eshelman Ventures, as well as a team of highly experienced advisors and directors, to guide us in the development of this potentially transformative cancer drug.
"Having this level of support speaks to the promise of the compound we licensed from Columbia University and the significant need for therapeutics to address some of the most serious and deadly types of cancer, such as GBM."
Maxim Merchant Capital Group, a division of the Maxim Group LLC, acted as exclusive placement agent for the financing.