Mission BioCapital and 4BIO Capital led the financing with significant participation from new and existing investors, raising over $51 million to date
Funds will support Phase 2 development of March Bio's lead CD5 CAR-T therapy, MB-105, for T-cell lymphoma and pipeline candidates
HOUSTON, Oct. 23, 2024 (GLOBE NEWSWIRE) -- March Biosciences (March Bio), an emerging clinical stage biotechnology company committed to combating challenging cancers and other diseases, today announced the close of a $28.4 million oversubscribed Series A financing. Mission BioCapital and 4BIO Capital led the financing, with participation from KdT Ventures, Alexandria Venture Investments, Volnay Therapeutics, Modi Ventures, and Mansueto Investments. Existing investors TMC Venture Fund, Cancer Focus Fund, and Small Ventures also participated in the round. March Bio has raised over $51 million to date inclusive of all dilutive and non-dilutive funding.
Since its inception as a spinout of the Center for Cell and Gene Therapy (Baylor College of Medicine, Houston Methodist Hospital, Texas Children's Hospital), March Bio has rapidly advanced its innovative autologous chimeric antigen receptor T-cell (CAR-T) therapy, MB-105, in development for the treatment of relapsed and refractory CD5 positive T-cell lymphoma. MB-105 is specifically engineered to overcome major hurdles related to T-cell targeting by overcoming T-cell fratricide while maintaining high potency against CD5 positive tumor cells. MB-105 has demonstrated a favorable safety profile and durable remissions in relapsed T-cell lymphoma patients in a Phase 1 clinical trial at Baylor College of Medicine, with plans to begin a Phase 2 clinical trial in early 2025. Proceeds from the financing will support the Phase 2 clinical development of MB-105 to expand on this data with optimized manufacturing processes.
"This oversubscribed financing enables us to advance our first-in-class CAR-T therapy, MB-105, into a Phase 2 trial for T-cell lymphoma - an indication with an exceptionally poor prognosis and few treatment options,” said Sarah Hein, Co-Founder and Chief Executive Officer of March Biosciences. "With the support and confidence of our investors, we are not only advancing our lead program but also expanding our pipeline, underscoring our commitment to delivering best-in-class therapies to patients that can change the treatment paradigm for these challenging cancers.”
The new financing coincides with an announcement that the company has partnered with Volnay Therapeutics, a cell therapy venture studio led by a team of highly experienced cell therapy development veterans. March Biosciences will work with Volnay for technical oversight to develop a robust and scalable manufacturing process for MB-105 through clinical development and potential commercialization, a critical component of a successful autologous cell therapy program. Concurrent with the partnership announcement, Volnay Co-Founder and CEO Stefan Wildt, who held key R&D leadership positions in cell and gene therapy units at Novartis and Takeda, is joining March Bio's Board of Directors.
"For far too long, T-cell cancers have been an innovation desert with patients facing a dismal prognosis. March Bio's innovative autologous CAR-T approach brings patients new hope,” said Owen Smith, Partner at 4BIO Capital. "MB-105 is specifically engineered for relapsed and refractory CD5 positive T-cell lymphomas and I am delighted that this targeted approach combined with the incredible team led by Sarah is moving rapidly into Phase 2 to bring this exciting new treatment to patients. We are honored to be a co-lead investor in March Bio and to help support the company as it continues in its mission to bring transformative therapies to those in urgent need.”
"The team at March Biosciences is leveraging powerful science and promising clinical data to tackle cancers with significant unmet need,” said Cassidy Blundell, Partner at Mission BioCapital. "We're excited to support their journey and believe their focused approach with MB-105 could lead to significant breakthroughs in the CAR-T space.”
Cassidy Blundell of Mission BioCapital and Owen Smith of 4BIO Capital are also joining March Bio's Board of Directors. The financing will also provide resources for the ongoing development of undisclosed pipeline products, as well as for general corporate proceeds.
About March Biosciences
Houston-based March Biosciences, launched from the Center for Cell and Gene Therapy (Baylor College of Medicine, Houston Methodist Hospital, Texas Children's Hospital), is dedicated to addressing challenging cancers unresponsive to current immunotherapies. Its lead asset, MB-105, is a CD5-targeted CAR-T cell therapy currently in Phase 1 trials in patients with refractory T-cell lymphoma and leukemia, with promising signals of efficacy and safety to date. A Phase 2 trial is expected to begin next early year. The company has raised over $50M to date, inclusive of this current financing and support from the Cancer Prevention & Research Institute of Texas (CPRIT) and the NIH SBIR program. Learn more at www.march.bio.
About 4BIO Capital
4BIO Capital ("4BIO”) is an international venture capital firm focused on investing in advanced therapies, including genomic medicines and other emerging technologies, to unlock the treatments of the future. 4BIO's objective is to invest in, support, and grow early-stage companies developing treatments in areas of high unmet medical need, with the ultimate goal of ensuring access to these potentially curative therapies for all patients. Specifically, it looks for viable, high-quality opportunities in cell and gene therapy, RNA-based therapy, targeted therapies, and the microbiome. The 4BIO team comprises leading advanced therapy scientists and experienced life science investors who have collectively published over 250 scientific articles in prestigious academic journals including Nature, The Lancet, Cell, and the New England Journal of Medicine. 4BIO has both an unrivalled network within the advanced therapy sector and a unique understanding of the criteria that define a successful investment opportunity in this space. For more information, visit www.4biocapital.com.
About Mission BioCapital
Mission BioCapital is a biotech venture capital firm focused on making pivotal early-stage investments in life sciences companies. They support portfolio companies through a unique combination of shared lab space, capital investment, and access to strategic partners. With offices in the nation's leading life sciences clusters in Cambridge, MA and San Francisco, Mission BioCapital is dedicated to helping entrepreneurial scientists build successful companies, from idea to exit. Learn more at missionbiocapital.com.
About Volnay Therapeutics
Volnay Therapeutics is a biotech venture builder dedicated to accelerating the development of innovative cell and gene therapies. With decades of experience in drug development, Volnay identifies promising therapeutic assets and enabling technologies with disruptive potential and provides both capital and operational expertise to drive these ventures forward. By focusing on innovation in product manufacturing, commercial viability and capital efficiency, Volnay aims to deliver significant value to patients and investors alike. Visit www.volnaytx.com.
Forward-Looking Statement
This press release contains forward-looking statements that involve risks and uncertainties, including those related to the clinical development of MB-105 and other potential therapies. Actual results may differ materially from those projected in these forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the progress of clinical trials, regulatory approvals, market demand for new therapies, and competitive dynamics in the biotechnology sector.
Contacts:
Corporate:
Sarah Hein
Chief Executive Officer
Media:
Jon Yu