HomeNovelSolve Therapeutics announces a mission to advance new antibody-based therapies against specific cancer targets
Solve Therapeutics announces a mission to advance new antibody-based therapies against specific cancer targets
December 14, 2022
Venture-backed biopharmaceutical company headquartered in San Diego and led by veteran drug developers with a strong track record of success
Researching new antibody-based therapies, including monoclonal antibodies (mAbs), antibody-drug conjugates (ADCs), and bispecific antibodies
Current $126 million raise provides runway through mid-2025, supporting discovery through phase 1 clinical proof-of-concept (POC)
SAN DIEGO, December 14, 2022 /PRNewswire/ — Solve Therapeutics, Inc. (SolveTx), an oncology-focused biopharmaceutical company, today announced its mission to develop novel antibody-based therapies targeting tumor-specific antigens. The company’s formation brings together the former VelosBio Inc. (VelosBio) team, a highly experienced group with a proven ability to rapidly advance innovative therapies that address unmet medical needs in cancer treatment. SolveTx is supported by an able board of directors and a syndicate of top tier investors. The company is fully operational with more than 25 employees and is actively pursuing discovery and development efforts at its 10,000 square foot state-of-the-art laboratory at San Diego.
The SolveTx management team is led by the Chief Executive Officer (CEO) Dave Johnson. In previous CEO roles, Johnson oversaw the development of a best-in-class Bruton’s tyrosine kinase inhibitor, acalabrutinib, at Acerta Pharma (founded in 2012 and acquired by AstraZeneca to $7 billion in 2016) and a first-rate anti-ROR1 ADC, zilovertamab vedotin, at VelosBio (established in 2017 and acquired by Merck for $2.8 billion in 2020). VelosBio’s SolveTx founding members who worked with Mr. Johnson to found the new company include Langdon MillerMD, executive vice president of development and chief medical officer; Brian LannuttiPhD, executive vice president of research; Jeff Watkins, PhD, Senior Vice President, Protein Technology; And Katti Jessen, PhD, Senior Vice President, Translational Sciences. Collectively, SolveTx management has extensive experience in drug discovery, development candidate selection, enabling assessment for investigational new drug applications (INDs), conducting clinical trials, and business development.
The initial of SolveTx 126 million dollars The Series A financing has been completed with a syndicate of top tier venture capital firms including Matrix Capital Management, Decheng Capital, General Atlantic and Surveyor Capital/Citadel, each represented on the firm’s board of directors.
“I am delighted to bring together this highly collaborative and successful team of drug developers,” he said Dave Johnson, CEO of SolveTx. “Together with this incredible group of investors, we have the power to apply our expertise and resources toward the ultimate goal of extending and improving the lives of cancer patients.”
SolveTx will use the proceeds for the production of antibody-based therapeutics for non-clinical POC characterization, generation of producer cell lines, production of good manufacturing practice (GMP) drugs, pharmacology and toxicology studies enabling the IND and the launch of the phase 1 clinical programme.
The cornerstone of SolveTx’s approach to developing cancer therapies is the identification of novel cancer-specific targets and the generation of mAbs with ideal characteristics to serve as the backbone for antibody-based therapies. The company has signed a licensing agreement with the University of California San Diego for a series of antibodies showing high reactivity with tumors and no or low reactivity with normal tissue, which can enable selective killing of tumor cells and a broad therapeutic index. SolveTx is exploring other potential internal licensing opportunities, as well as conducting internal antibody discovery research. The company’s focus is on the development of novel mAbs, ADCs incorporating next-generation linkers and payload constructs, and bispecific antibodies.
Contact Yakov N.KoganPhD, MBA Senior Vice President, Operations and Alliances Solve Therapeutics, Inc. [email protected]
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