Food allergy biotech secures $50 million loan; Sean Ianchulev’s medical device company raises $23M Series B – Endpoints News

0

Alladapt Immunotherapeutics announced on Tuesday that it has entered into a term loan agreement with Hercules Capital of up to $50 million.

According to the biotech, which focuses on IgE-mediated food allergies, this new capital injection will be used to support the clinical development of Alladapt’s flagship asset, ADP101, through the initiation of a phase III trial, as well as completion of its manufacturing facility for the clinical supply of the candidate and a potential commercial product.

Glenn Reicin

“Together with the closing of our recent capital raise, this non-dilutive capital extends our cash trail through 2024 and optimizes our ability to execute on our strategic priorities – which includes communicating data from our Harmony study and determining the best approach to maximize value. for our shareholders,” Alladapt Chief Financial Officer Glenn Reicin said in a statement.

The company announced last year that its manufacturing site will be 53,000 square feet and will be located near Philadelphia, where the company’s CMO is located.

Tyler Patchen

Sean Ianchulev’s Iantrek pockets $23 million for his Series B

The medical device company founded by Sean Ianchulev has closed a $23 million Series B funding round.

Iantrek announced on Tuesday that his latest cycle will be used to initiate clinical introductory and post-marketing studies of Micro-Interventional Glaucoma Surgical Devices (MIGS) in the United States, which are being used to treat the disease to hopefully -the, to prevent blindness. The company’s system serves specifically as ophthalmic surgical technology.

Sean Ianchulev

“There remains a significant unmet clinical need to provide safe and effective micro-interventional tools for the management of watery discharge. We are grateful to have a world-class syndicate of investors supporting our efforts to advance these new technologies,” Ianchulev said in a statement.

Serie B full-back Ianchulev was also named CEO and added several industry experts to the company.

The round was led by Visionary Ventures and Sectoral Asset Management, Inc.

Tyler Patchen

Outlook Therapeutics resubmits BLA for its drug for retinal indications

New Jersey-based Outlook Therapeutics has resubmitted its BLA for its drug candidate ONS-5010 – for wet age-related macular degeneration. The drug bevacizumab, brand name Lytenava, could also be used for retinal indications, according to the company.

“Over the past three months, we have worked diligently to provide additional required information that was not included in our March 2022 BLA submission, to respond to Agency requests to ensure that our BLA is complete for acceptance and review,” the company’s CEO said. Russell Trenary in a statement.

The new BLA submission is based on data from Outlook’s wet AMD clinical program for ONS-5010, which consists of three completed registrational clinical trials – NORSE ONE, NORSE TWO and NORSE THREE – as well as a trial phase 1 clinical pharmacokinetics and the necessary preclinical tests.

If approved, the company intends to market ONS-5010 in vials and prefilled syringes. Outlook anticipates FDA marketing clearance in 2023 and continues commercial launch planning.

Aayushi Pratap

Share.

Comments are closed.