BOSTON–(COMMERCIAL THREAD) – Boston Immune Technologies and Therapeutics, Inc. (BITT), a private developer of novel TNF superfamily antagonist antibodies, today announced that the company has completed a Series A / A1 preferred share financing of $ 10 million. Investors in the Series A preferred share financing include BeiGene, Ltd., as well as undisclosed private investors and predecessor investors Hatteras Venture Partners and EGP Investments. The funds will support the clinical development of BIR2101, a novel TNFR2 antagonist antibody for oncology and infectious disease indications and other potential candidates. The company also announced that Lusong Luo, Ph.D., senior vice president of external innovation at BeiGene and Joseph McMahon, CEO of Bioventure Partners, will join the board of directors of BITT.
“This funding, combined with our recent option and license agreement with BeiGene, means that BITT has the resources to move BIR2101 into the clinic and support proof of concept studies for additional targets in the TNF superfamily,” said said Russell LaMontagne, co-founder and CEO. BITT officer.
BITT is exploring clinical trials for BIR2101 as monotherapy and in combination with checkpoint blockade. TNFR2 is highly expressed on the most suppressive cells of the tumor microenvironment and has been identified as a driver of resistance to checkpoint blockade. In several mouse models, the combination of TNFR2 with PD-1 results in significantly higher cure rates. The BITT plans to file an IND for BIR2101 by the end of 2021. Antagonist antibodies at the discovery stage for additional targets of the TNF superfamily are under development.
About Boston Immune Technologies and Therapeutics
Boston Immune Technologies and Therapeutics (BITT) is a Boston, MA-based company developing a new class of antagonist antibodies targeting TNF superfamily receptors for applications in oncology, inflammation, autoimmunity and infectious diseases. BITT launches clinical trials for BIR2101, its lead candidate, a monoclonal antibody that targets tumor necrosis factor receptor 2 (TNFR2). BITT is also developing other antibodies of the TNF superfamily, including CD40 antagonists for inflammation and CD30 antagonists for oncology. For more information, visit our website at www.bostonimmunetech.com.