AvenCell secures USD 112 million in Series B funding

AvenCell plans to use USD 112 million in funding to further develop its switchable CAR-T cell therapy platform. The goal: safer and more flexible treatments for cancer and autoimmune diseases
Watertown, Massachusetts, October 22, 2024 - AvenCell Therapeutics, Inc., a clinical-stage cell therapy company, today announced the closing of a $112 million Series B financing. The financing round was led by Novo Holdings, accompanied by new investors including F-Prime Capital, Eight Roads Ventures Japan, Piper Heartland Healthcare Capital and NYBC Ventures, as well as founding investor Blackstone Life Sciences.
AvenCell Therapeutics, Inc. was founded in 2021 by Blackstone Life Sciences, Cellex Cell Professionals and Intellia Therapeutics. The startup is headquartered in Watertown, Massachusetts, with additional R&D and manufacturing sites in Dresden, Germany.
Funding to accelerate clinical validation
The funding is intended to accelerate the clinical validation of AvenCell's proprietary Universal Switchable CAR-T cell therapy platform. This platform enables CAR-T cells to be switched on and off after administration, which is expected to make the treatment of a broad range of hematologic malignancies and autoimmune diseases safer and more effective.
Our Universal Switchable CAR-T platform gives us unprecedented control and flexibility to develop safer and more effective cell therapy.
Andrew Schiermeier, CEO of AvenCell
AvenCell's current clinical programs include the autologous CAR-T cell candidate AVC-101 and the CRISPR-modified allogeneic cell candidate AVC-201, both of which target the CD123 antigen found on most acute myeloid leukemia (AML) cells. AvenCell has further pipeline projects that are expected to enter clinical trials in the next two years.
New investors and strengthening of the Management Board
In addition to the financing round, Michael Bauer of Novo Holdings and Nihal Sinha of F-Prime Capital will join AvenCell's Board of Directors. Both emphasize the importance of the switchable CAR-T technology as a game changer in cell therapy, especially with regard to safety and efficacy issues in difficult diseases such as AML.
Strategic focus and expansion
The funding will also be used to support AvenCell's clinical development and global expansion. AvenCell's platform aims to revolutionize the standard of cell therapy by providing a customizable, scalable and more efficient treatment for difficult-to-treat cancers and autoimmune diseases.

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