A company developing an oral combination treatment for cancers has raised $2 million in a Series B funding round.
NED Biosystems said last week that Benjamin Griswold – chairman of Baltimore-based investment firm Brown Advisory – led the round, with individual investors participating. Based in Cambridge, Massachusetts, NED plans to use the money to start a Phase II clinical trial of its lead candidate, NED-170, by early next year.
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A prior Series A funding round was led by First Round Capital with the venture capital firm’s founder, Josh Kopelman, a company spokesperson said in an email. Based in San Francisco, First Round invests heavily in technology companies, with a number of health-related firms also included in its portfolio, according to its website. Recipients of the firm’s investment have included Flatiron Health – acquired in April by Swiss drugmaker Roche for $1.9 billion – and companies involved in areas like diagnostics and the application of artificial intelligence and machine learning to healthcare. Brown Advisory invests in a wide variety of private and publicly traded firms, in healthcare and in other industries.
NED-170 is an oral combination therapy designed to target five key processes of tumor genesis and growth, attacking tumors’ blood vessel growth, reduced cell death, energy supply, immune system evasion and replication and maintenance of cancer stem cells.
According to the company’s website, NED-170 works against those processes by targeting various biological pathways in cells, including VEGF, STAT, mTOR, AMPK and Caspase3. The company says it has tested the drug in 26 patients under “compassionate use-type scenarios” and that none of those patients has experienced safety or tolerability issues leading to therapy suspension or cessation, though it has not yet run a randomized, controlled clinical trial.
Photo: aurielaki, Getty Images
