Elucida Oncology closes over 'lack of funding' in ADC pursuit

Elucida Oncology, a New Jersey-based biotech firm led by former Pfizer executive Geno Germano, has ceased operations, as reported by Endpoints News. The company was engaged in developing a novel approach within the antibody-drug conjugate (ADC) sector. Specifically, it was working on "C'Dot-drug-conjugates," which were based on research from Cornell University and Memorial Sloan Kettering Cancer Center. These drugs utilized "ultra small" nanoparticles intended to increase potency while reducing toxicity compared to conventional ADCs.

Despite these innovative efforts, Elucida Oncology has "permanently closed" due to insufficient funding, according to updates on a federal clinical trials database. One of Elucida’s key experimental drugs was ELU001, which was being evaluated in a Phase 1/2 trial for patients with solid tumors that overexpress folate receptor alpha. This trial, which began in September 2021, concluded in June 2023 after enrolling 79 participants. Concurrently, the company had also initiated a Phase 1 trial for the same drug in pediatric patients with specific types of acute myeloid leukemia, but this study was withdrawn before any patients were enrolled.

Attempts to reach Germano and the company for comment were unsuccessful. Germano, who is also the chairman of Sage Therapeutics, departed from Elucida in June 2023, as stated on his LinkedIn profile. Ramzi Benamar, the company’s chief financial officer, also left in June and has since joined Apnimed, a late-stage sleep apnea biotech, in the same role. Previously, Ian Somaiya served as CFO and has been managing finances at NewAmsterdam Pharma for the past year.

Elucida had promoted its drugs as capable of penetrating tumors more deeply and carrying a higher payload than existing treatments in the market. Germano noted in a June 2023 interview with Endpoints that, unlike traditional ADCs, Elucida’s products did not exhibit off-target toxicities such as those affecting the lungs, eyes, liver, or kidneys. He explained that their product circulates in the bloodstream, concentrates in tumors, and is then cleared through the kidneys without significant uptake by healthy tissues.

The company had successfully raised approximately $75 million by last year and was in the process of seeking additional funds through a Series B round. However, the outcome of these fundraising efforts remains unclear. Beyond ELU001, Elucida had multiple compounds in preclinical stages and was also exploring possibilities in radiotherapy, which is becoming increasingly significant in oncology drug development. During the June 2023 interview, Somaiya mentioned that the company envisioned future collaborations for its radiotherapy work. Though initially designed for diagnostics, their platform could be adapted for radiotherapy applications.

Somaiya indicated that this transition to radiotherapy would likely occur through a partnership due to the fundamentally different business model it entails.