J&J Leads $90M Series C for Bright Peak's Immunoconjugate Development

Bright Peak Therapeutics has successfully secured $90 million in a series C financing round to advance its lead program, BPT567, into clinical trials. This funding will support the biotech company’s efforts to explore the potential of its novel immunoconjugate, aiming to broaden the application of PD-1 blockade to new medical indications and potentially reinvigorate responses in patients who have ceased to benefit from current immunotherapies.

The company plans to commence a Phase I/IIa clinical study for BPT567 in solid tumors in the latter half of this year. CEO Fredrik Wiklund emphasized that the company is now in an excellent position to deliver significant innovations in the field of anti PD-1 immuno-oncology. The funding round was led by Johnson & Johnson Innovation – JJDC, with involvement from new investors Venrock, KB Investment, and Northleaf Capital Partners, along with existing supporters like Versant Ventures.

In a conversation with FirstWord, Wiklund highlighted the challenges of attracting investment, particularly in the preclinical phase. He noted that companies need to present unique, differentiated, and potentially transformative programs to garner investor interest. Fortunately, BPT567 met these rigorous criteria.

Despite the success of first-generation PD-1 inhibitors such as Merck & Co.'s Keytruda, which generates $25 billion annually, there remain significant unmet needs in the field. Wiklund pointed out that nearly half of cancer patients are diagnosed with tumors where PD-1 treatments are not approved. Moreover, a substantial number of patients treated with PD-1 inhibitors do not respond or eventually experience disease progression. Only a minority achieve a functional cure with PD-1 therapies.

BPT567 aims to address these gaps by simultaneously blocking the PD-1 checkpoint and delivering a targeted immuno-stimulatory payload, specifically IL-18, which is optimized for functionality. Wiklund explained that IL-18 plays a crucial role in orchestrating the immune response, particularly by expanding and activating CD8 T-cells within the tumor microenvironment. By targeting T-cells with both PD-1 and IL-18 receptors, BPT567 aims to achieve synergistic efficacy, a result observed in preclinical studies.

The forthcoming Phase I/IIa study will assess whether BPT567 can extend the benefits of PD-1 blockade to new indications, especially in "cold" tumors with low T-cell infiltration, where current therapies are less effective. Bright Peak will also evaluate if BPT567 can improve outcomes for patients in the post-checkpoint setting and raise the standard in approved indications where existing PD-1 drugs have limited efficacy.

The series C funding will provide Bright Peak with approximately three years of operational runway, allowing the company to focus on executing clinical trials and generating robust clinical data. Wiklund mentioned that should their science prove successful, the company would consider potential partnerships or additional equity funding to further advance the program.

Investors were likely drawn to the versatility of Bright Peak's platform, which includes the "off-the-shelf" ability to enhance existing antibodies and create multimodal therapies. While PD-1 is a primary focus, Wiklund noted that the technology could be applied to other modalities, such as T-cell engagers or bispecific molecules, by conjugating various payloads to these functional antibodies.