New York, NY, September 20, 2018: ENB Therapeutics Inc., a biopharmaceutical company pioneering pathways in endothelin-based oncologics, today announced that it has closed its Series A private equity financing. Proceeds from the financing will be used to advance the company’s lead investigational drug compound, ENB-003,a first-in-class, selective inhibitor of the endothelin B receptor (“ETBR”) through pre-clinical and early clinical development for the treatment of immunotherapy-resistant cancers.
Remiges Ventures served as lead investor for the financing with participation from New York State Development, BioAdvance and Alexandria Ventures.
“We are extremely gratified to have attracted a leading group of investors to complete our Series A financing who recognize the potential of ENB-003 to overcome resistance to immunotherapy across multiple tumor types and indications,” said Sumayah Jamal, Founder, President and Chief Scientific Officer of ENB. “We have already demonstrated robust pre-clinical efficacy in relevant mouse models across multiple resistant cancers and a favorable safety profile. We now have the capital necessary to advance ENB-003 into Phase 1 clinical trials during the second half of 2019.”
Taro Inaba, Managing Partner at Remiges, added, “We believe that ENB Therapeutics’ novel compounds have the potential to enhance the efficacy of immunotherapies and potentially prolong patient survival and thereby address the high unmet medical need which still exists despite the successful development and widespread use of immunotherapies. Therefore, we are very pleased to have the opportunity to support the continued clinical development of ENB-003, which could improve the lives of patients with cancer.”
About ENB Therapeutics
ENB Therapeutics is a biopharmaceutical company pioneering the development of selective inhibitors of the endothelin B receptor (“ETBR”) to reverse the drug resistance that occurs in over 50% of patients treated with immunotherapy. Our lead product, ENB-003, a first-in-class,
selective, small molecule inhibitor of ETBR, has been demonstrated to significantly reduce tumor growth and prolong survival in a variety of immunotherapy-resistant cancers in multiple,
preclinical in-vivo studies. ENB-003 is being developed as a companion agent to unlock the full therapeutic potential of immunotherapy by restoring the ability of T-cells to infiltrate tumors, inhibit metastasis and increase survival. A proprietary companion diagnostic to detect over-expression of the ETBR provides additional opportunities to identify and expand into multiple indications across the rapidly growing immunotherapy market. In 2017, cancer immunotherapy sales are estimated to have exceeded $57 billion in annual sales.