Bright Peak, backed by J&J, secures $90M for immunoconjugate program

Bright Peak Therapeutics has successfully secured $90 million in a Series C financing round, marking a significant step forward in its mission to become a prominent player in the immunoconjugate sector. This round of funding was led by Johnson and Johnson’s (J&J) investment branch, JJDC, and also saw contributions from new investors such as Venrock, KB Investment, and Northleaf Capital Partners.

The company plans to utilize these funds to advance its lead candidate, BPT567, into a Phase I/IIa clinical trial aimed at treating solid tumors. According to a press release dated June 11, BPT567 is a PD1-IL18 immunoconjugate—an innovative molecule that combines IL-18 binding protein resistance with PD-1 checkpoint blockade using a technology similar to antibody drug conjugates.

Headquartered in both Switzerland and the United States, Bright Peak Therapeutics claims that BPT567 is the first of its kind to enter clinical trials. The Phase I/IIa study is expected to commence in the latter half of this year. By targeting IL-18, BPT567 aims to enhance the activation and cytotoxicity of antigen-experienced effector T cells within the tumor microenvironment. This, combined with the ability to unlock the body's anti-tumor response through PD-1 blockade, has led to "profound synergistic anti-tumor activity" in preclinical models, as reported by the company.

Fredrik Wiklund, CEO of Bright Peak Therapeutics, expressed optimism about the future, stating, "We are now well positioned to bring much-needed innovation to the field of anti-PD-1 immune-checkpoint inhibition and look forward to advancing our lead program into the clinic later this year across multiple tumor types."

In addition to progressing BPT567 into early clinical trials, the funds will also support the acceleration of Bright Peak's broader pipeline of next-generation immunotherapies. Currently, the PD-1 inhibitor market is largely controlled by MSD’s Keytruda (pembrolizumab) and Bristol Myers Squibb’s Opdivo (nivolumab). Last year alone, Keytruda generated $25 billion in sales, while Opdivo reported revenues of $9 billion.

Simultaneously, the use of IL-18 in cancer therapies is gaining traction. Gilead Sciences recently made a significant move in this area by acquiring the rights to Compugen’s preclinical IL-18 binding protein program in a deal that could potentially be worth up to $848 million.

Bright Peak's efforts to push BPT567 through the clinical trial phases may well position it as a formidable competitor in the immunotherapy landscape. The promising preclinical results and the strategic financial backing suggest that the company is on a solid path towards offering new therapeutic options for cancer patients.

As the biotech industry continues to evolve, Bright Peak Therapeutics aims to be at the forefront of innovation, particularly in the field of immunoconjugates. The forthcoming clinical trials for BPT567 will be closely watched by both investors and the medical community, as the results could potentially reshape the current approaches to cancer treatment.