Newton, Pennsylvania, biotechnology company Onconova Therapeutics Inc. in has raised $6.5 million in equity for its small-molecule therapies that target cancer cells while protecting healthy cells.
The company that is co-based in Lawrenceville, New Jersey, wants to raise $15 million, according to a regulatory filing.
Founded in 1998, Onconova uses its proprietary medical chemistry library to discover and develop small-molecule therapies that are aimed at novel targets to treat cancer, according to its website.
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Led by Ramesh Kumar, who is chief executive and president, Onconova said Monday it had agreed (pdf) with the Food and Drug Administration on a Special Protocol Assessment (SPA) for the pivotal Phase 3 study of its leading therapy — Estybon.
Estybon treats myelodysplastic syndrome, which is an early form of leukemia. In the fourth quarter, Onconova plans to start enrolling patients who have failed or relapsed from other therapies in the U.S. and European study.
“Securing the SPA for Estybon in [myelodysplastic syndromes] is an important step in the development of this innovative therapy for cancer patients,” Michael Hoffman, chairman of Onconova’s board, in the Monday release.
“We are optimistic that the strikingly positive results from ongoing trials, combined with the anticipated data from this registration trial, will help establish the utility of Estybon in this patient population, presently facing limited treatment options,” Hoffman said. “We are also pursuing solid tumor indications for Estybon which is broadly active in a variety of tumor types.”
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The Leukemia & Lymphoma Society is backing the Phase 3 trial with up to $10 million, according to a June release.
Onconova also is developing Ex-RAD (pdf), a radioprotectant that has helped mice exposed to lethal doses of whole-body radiation survive. The company finished raising $19.2 million in equity and warrants in March.
