US-based biotechnology company Diakonos Oncology has closed a $20m private placement of Simple Agreements for Future Equity (SAFE) to expedite its Phase II glioblastoma trial of dubodencel.
The company will also use the funding to expand its clinical portfolio into new indications such as refractory melanoma.
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The funding includes contributions from new investors such as Baylor College of Medicine and the Brain Tumor Investment Fund, as well as current shareholders such as the company’s CEO Mike Wicks.
It comes after Diakonos Oncology held an oversubscribed $11.4m seed financing round, which concluded last year.
Also referred to as DOC1021, dubodencel is an autologous dendritic cell therapy that incorporates both tumour lysate and amplified tumour-derived mRNA.
This double-loading technique stimulates a potent TH1 response by leveraging dual protein and RNA antigen sources, targeting the complete cancer antigen pool without the need for molecular modification of immune cells or high-dose interleukin-2 (IL-2) administration.
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By GlobalDataDiakonos Oncology chief operating officer and president Jay Hartenbach said: “With our Phase II glioblastoma trial under way at leading treatment centres across the US, the financing comes at a critical inflection point as we begin defining the path toward commercialisation.
“Early clinical results in both glioblastoma and pancreatic cancer continue to exceed expectations, and when viewed alongside our data from a range of preclinical models, we are increasingly optimistic that this patient-derived immunotherapy holds potential for additional indications with high unmet need.”
Along with the Phase II glioblastoma study, Diakonos Oncology is also carrying out a trial of dubodencel for pancreatic cancer treatment.
The US Food and Drug Administration granted fast-track designations for the glioblastoma and pancreatic cancer programmes in October 2023 and May last year, respectively.
Diakonos Oncology also secured orphan drug designation from the agency for DOC1021 for malignant glioma in January last year.
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