Florida cancer biotech secures $100M Series A

Syncromune, an innovative biotech startup, has successfully secured $100 million in a Series A funding round, as reported by the company. This financing was spearheaded by a previously undisclosed institutional investor, with participation from existing supporter Wasatch Equity Partners. Additionally, the round facilitated the conversion of approximately $45 million of convertible notes into equity.

Based in Fort Lauderdale, Florida, Syncromune intends to utilize the newly acquired funds to advance its drug candidate SV-102 into a Phase 2a trial. This drug is targeted at treating metastatic castration-resistant prostate cancer (mCRPC). The company has already commenced patient enrollment for this trial at the Lankenau Institute for Medical Research, located in the Philadelphia region.

Syncromune is pioneering a novel approach that involves treating tumors by first freezing them, followed by administering a combination of immunotherapies. Freezing the tumor causes its contents to become exposed, which in turn stimulates the patient’s T cells to attack the tumor. This method allows the body's natural defenses to identify and target the cancer cells, as opposed to relying on external interventions to do so. George Prendergast, CEO of the Lankenau Institute for Medical Research and a scientific advisor to Syncromune, highlighted this strategy as a means to let the body "sort it out" on its own.

This innovative method is part of a new wave of cancer treatments that resemble vaccines, offering fresh approaches to oncology. Syncromune’s CEO, Eamonn Hobbs, has significant experience in the pharmaceutical industry, having previously held leadership roles at Antares and Delcath Systems, two specialty pharma companies. Under his guidance, Syncromune is poised to make significant strides in the development of combination immunotherapies, potentially transforming the treatment landscape for prostate cancer and other malignancies.

The company's current focus on mCRPC is notable, as this condition remains particularly challenging to treat due to its resistance to traditional therapies. By leveraging their unique approach, Syncromune aims to provide new hope for patients grappling with this aggressive form of cancer. The promising results from the initial stages of development have set the stage for the upcoming Phase 2a trials, which will further evaluate the efficacy and safety of SV-102.

In summary, Syncromune's recent funding round marks a significant milestone for the company, providing the resources needed to advance its groundbreaking cancer treatment. With the leadership of Eamonn Hobbs and the expertise of scientific advisors like George Prendergast, the company is well-positioned to continue its pursuit of innovative solutions in the field of oncology. As Syncromune progresses with its clinical trials, the biotech community and potential patients alike await the outcomes with optimism, hopeful for a new era of cancer therapy that harnesses the power of the body's own immune system.