The New York biotech, Y-mAbs Therapeutics has raised $50 million to fund their late-stage trials for two antibodies that had been originally discovered at Memorial Sloan-Kettering Cancer Center. The antibodies have the potential in the treatment of uncommon cancers.
CEO Claus Moller, M.D says the funding from investors will, “enable us to focus on bringing our lead compounds, burtomab and naxitamab, through the final steps of the regulatory pathway towards approval”.
This is the second fundraising of this year for Y-mAbs, after reporting positive clinical results with burtomab in children with neuroblastoma and leptomeningeal metastases during this year’s ASCO conference.
Y-mAbs was created by Thomas Gad nearly four years ago after his daughter was treated for neuroblastoma at Memorial Sloan Kettering. This type of cancer primarily targets infants and young children with onset in the adrenal glands that can rapidly spread to other organs. Neuroblastoma is a key focus for the biotech.
Currently, there are limited treatments for patients whose cancer has spread to the brain. Both burtomab and naxitamab target cell surface antigens have appeared as hopeful therapeutic candidates for neuroblastoma and other rare forms of cancer. The 80-patient burtomab trial in children with neuroblastoma brain metastases was linked to a 58-month average survival, compared to an average of 4.7 months in a comparative German trial.
Gad said that “having witnessed this out-patient treatment first hand as a parent, these data provide a potential curative treatment addressing an unmet medical need for a life-threatening disease.”
The newly raised funds will also provide the biotech additional resources to advance naxitamab that is currently in phase 2 trials containing patients with neuroblastoma and osteosarcoma.
HBM Healthcare Investments is a new investor of the biotech. CEO Andreas Wicki has stated that Y-mAbs’ method to immunotherapy “shows great promise and will further advance innovation and product development in the pediatric oncology field.”