Anaveon bags CHF35m series A financing

Syncona Ltd led the financing round with an CHF28m investment acquiring a 47% stake in the Swiss immuno-oncology specialist, that got seed financing by UZH Life Sciences Fund and BaseLaunch. The Novartis Venture Fund acted as a co-investor.

As IL-2 binding to IL-2 receptor alpha (CD25) activates regulatory T cells and leads to capillary leak syndrome, previous IL-2 receptor agonists suffered from inefficacy and unwanted effects. Anaveon has shown its CD25 mimic, a humanised version of the NARA1 antibody, can selectively activate effector T cell and NK cell responses through binding to IL2 receptors beta (CD122) and gamma (CD132), while blocking regulatory T cells by minimising the association of IL-2 with CD25. Furthermore, the antibody, which is two years from Phase I testing, could overcome both, toxicity and the short half-life of previous candidates that boost the IL2-mediated inflammatory phenotype. In this sense, Anaveon’s preclinical antibody might be an ideal combination therapy in immunooncological approaches as it might boost T cells activity in solid tumours. According to Anaveon’s scientific founder Onur Boyman, the company initially intends to test the antibody in epithelial cancers such as melanoma, kidney and lung carcinomas.

Novartis AG markets the human IL-2 protein aldesleukin for the treatment of  melanoma and renal cancer, Furhtermore, Eisai Co. Ltd. has FDA approval for cutanous T cell lymphoma for denileukin diftitox, a recombinant fusion protein of a diphtheria toxin fragment with IL-2. Two companies have already entered clinical testing of IL2R agonists: Roche is testing RG746, a FAP x IL2 bispecific antibody, in Phase I/II, while Nektar Therapeutics is in Phase I/II testing of  NKTR-214, an agonist on the IL2 receptor beta on CD8-positive T-cells.

Upon the financing, Syncona Chief Executive, Martin Murphy, Syncona Partner, Dominic Schmidt, and Florian Muellershausen from Novartis Venture Fund entered Anaveon’s Board of Directors with Alice Renard, a Syncona Partner, to be an observer.