Solu Therapeutics, a biotechnology company developing targeted therapies to eliminate disease-driving cells in cancer, immunology, and other serious diseases, announced the successful completion of a $41 million Series A financing round. The round included new investments from Eli Lilly and Company, Biovision Ventures, Pappas Capital, Hengdian Group Capital (HgC), and The Leukemia & Lymphoma Society Therapy Acceleration Program®, alongside continued support from existing investors Longwood Fund, DCVC Bio, Santé Ventures, Astellas Venture Management, and Alexandria Venture Investments.

The company also announced the initiation of its first-in-human Phase 1 clinical trial of STX-0712, with the first patient now dosed. The trial evaluates STX-0712 in patients with resistant or refractory chronic myelomonocytic leukemia (CMML) and other advanced hematologic malignancies.

Philip J. Vickers, President and CEO of Solu Therapeutics, noted the company’s rapid progress:
"In the short time since our seed round, Solu has evolved into a clinical-stage company focused on addressing significant unmet medical needs. We are grateful for the continued support of our founding investors and excited to welcome new partners who share our vision for the potential of our CyTAC and TicTAC platforms. These proprietary technologies are designed to target disease-driving cells with precision, expanding the possibilities for treating conditions previously inaccessible to traditional antibody-based therapies."

Proceeds from the Series A financing will fund the completion of dose escalation and expansion of STX-0712, the company’s lead CCR2-targeting CyTAC program for CMML. The funding will also support the advancement of additional development candidates, including a first-in-class mast cell depletor for immunological diseases, the initiation of new discovery programs, and broader exploration of the CyTAC and TicTAC platforms.

STX-0712 is designed to selectively eliminate CCR2-positive malignant monocytes, which play a key role in CMML and other hematologic cancers. The ongoing Phase 1 trial is a multicenter, open-label study conducted in two parts. Part A focuses on dose escalation to determine the maximum tolerated and/or minimum effective dose in patients with resistant or refractory CMML. Part B will assess safety, tolerability, the recommended Phase 2 dose, and preliminary anti-tumor activity.

Sergio Santillana, MD, Chief Medical Officer of Solu Therapeutics, commented:
"We are excited to begin this clinical trial, which represents a major milestone for our team and a step forward in offering patients new targeted options. By depleting CCR2-positive malignant monocytes, STX-0712 offers a promising approach for patients with limited current treatment alternatives."

Preclinical data presented at the 2024 American Society of Hematology (ASH) Annual Meeting demonstrated strong ex vivo activity of STX-0712 against CCR2-positive monocytes in CMML patient samples. CMML is characterized by elevated monocyte levels and dysplastic bone marrow features, with few effective treatment options currently available.

Source: https://www.solutherapeutics.com/#news