Startups, BioPharma

Oncobiologics raising $50M for Avastin, Humira biosimilars

The company is raising $50 million, on top of some $43 million it’s raised this year, according to regulatory filings.

New Jersey cancer biosimilar developer Oncobiologics is aggressively pursuing cash: It raised $43 million earlier this year, and is looking for $50 million more, according to a regulatory filing.

Oncobiologics has a number of monoclonal antibody therapeutics in development, and is in the midst of clinical trials to get its Avastin biosimilar approved. It’s readying itself for Phase 3 trials for its Avastin-like biologic. The patents on Avastin are set to expire in 2019 – and there are a number of contenders in the race to develop a contender for bevacizumab.

Oncobiologics has another mAb in the clinic – a biosimilar for Humira. This should enter Phase 3 trials next year. Notably, AbbVie is slated to lose some patent protections of this immunosuppressant by the close of 2016.

Oncobiologics has six more biosimilars in preclinical study, the company says.