Jan 04, 2024
Financing led by Novo Holdings, OrbiMed, and F-Prime Capital, with participation by new and current investors
Proceeds to advance CUSP06, the company’s antibody drug conjugate (ADC) targeting CDH6, to clinical proof-of-concept
New York, NY, January 4th, 2024 – OnCusp Therapeutics, Inc., a biopharmaceutical company dedicated to transforming cutting-edge preclinical innovation into clinically validated treatments for cancer patients worldwide, today announced an oversubscribed $100 million Series A financing round.
The round was co-led by Novo Holdings, OrbiMed, and F-Prime Capital, alongside Sofinnova Investments, Catalio Capital Management, Marshall Wace, Forge Life Science Partners, Blackbird BioVentures, CJNV BioVenture and others, as well as BioTrack Capital, a co-lead for the Seed Round. OnCusp Therapeutics has raised $139 million since its establishment in April 2021. The proceeds from this financing will be used to advance CUSP06, an ADC targeting CDH6, toward clinical proof-of-concept. Additionally, the capital will aid in expanding the OnCusp portfolio and team.
CUSP06 has strong preclinical data demonstrating the potential for best-in-class activity. Engineered to increase potency, heighten "bystander effect," elevate linker stability, and overcome drug resistance, CUSP06’s differentiating attributes could translate into higher clinical response rates and durability, with an improved safety profile. Having obtained FDA IND clearance in 3Q 2023, CUSP06 will be in a first-in-human Phase I study in the US.
"We are grateful to have the trust and support from some of the most prominent global biotech investors," said Dr. Bing Yuan, Co-Founder and CEO of OnCusp Therapeutics. "I am also thankful to the OnCusp team for their commitment and excellent work. We hold a strong conviction to develop innovative oncology therapies for patients. This significant Series A financing enables OnCusp to accelerate the development of CUSP06 and other game-changing therapeutics in our fight against cancer.”
As part of the financing, OnCusp Therapeutics will appoint Dr. Karen Hong, Partner in the Venture Investments team at Novo Holdings US, Inc., a wholly owned subsidiary of Novo Holdings; Diyong Xu, Principal at OrbiMed; and Dr. Chong Xu, Partner at F-Prime Capital, to the company's Board of Directors.
"We are thrilled to have co-led this round. The remarkable progress that the company has made in such a short time is a testament to its highly efficient business model and the team’s exceptional execution capabilities," said Dr. Karen Hong. "We share OnCusp’s mission in bringing oncology innovations to life and are committed to supporting the company's continued growth and success."
"ADCs have become one of the most promising modalities for treating cancer, and CDH6 is emerging as a winning ADC target. We believe CUSP06 is well positioned to unlock the full potential of this target, both in high and low CDH6 expressing tumors,” said Diyong Xu. “We also look forward to OnCusp expanding its portfolio to fully leverage its translational and clinical development expertise."
“I am excited to join the OnCusp Board at this transformative moment for the company,” stated Dr. Chong Xu. “F-Prime is committed to proactively champion breakthrough approaches like CUSP06, which holds immense potential to help patients with ovarian cancer and other advanced solid tumors. I look forward to working with other board members and the executive team to propel OnCusp to its next phase of growth.”
“As a major investor since the company’s inception, I am impressed by the entrepreneurship, commitment, and perseverance exemplified by the OnCusp team in the current challenging biotech market.” added Dr. Jiacong Guo, one of OnCusp’s current Board Directors and a Principal at BioTrack Capital. “I believe companies who are leading their field will emerge triumphant in their mission. I am confident that OnCusp is one of those companies.”
About OnCusp Therapeutics
OnCusp Therapeutics, Inc., headquartered in New York City, is a biopharmaceutical company dedicated to transforming cutting-edge preclinical innovation into clinically validated treatments for cancer patients worldwide. OnCusp was co-founded by Dr. Bing Yuan, Dr. Eric Slosberg, and Dr. Andy Fu, and has built a strong team of accomplished veterans with proven track records in building startup biotechs, leading successful preclinical and clinical programs, and creating value through global partnerships. The company is committed to accelerating the advancement of globally competitive oncology assets for patients.
About CUSP06
CUSP06, a CDH6 ADC, is composed of a proprietary antibody with high CDH6 binding affinity, a protease-cleavable linker, and an exatecan payload (a potent and clinically validated topoisomerase-1 inhibitor). The linker is designed to complement the exatecan payload, enabling a highly stable and homogenous ADC. The payload is a weak substrate for BCRP/P-gp, which are drug efflux pumps that drive chemoresistance to many therapies. In preclinical data, this linker-payload has been shown to have an increased “bystander effect” compared to competitor ADCs. CUSP06 has a drug-to-antibody ratio of eight. OnCusp obtained the exclusive global rights (outside of China) to lead the development and commercialization of CUSP06 from Multitude Therapeutics. WuXi XDC, a global CRDMO company dedicated to end-to-end bioconjugates services, is the CMC partner for CUSP06.
