SciTech Development Secures $3.2M for Cancer Trial Expansion

SciTech Development, a clinical-stage oncology pharmaceutical company based in Grosse Pointe Farms, Michigan, announced the successful closure of an additional $3.2 million in funding. This latest financing effort brings the company's total fundraising to over $12 million. The funds will drive the ongoing Phase 1b clinical trials for ST-001, a novel treatment aimed at T-cell non-Hodgkin lymphoma (T-NHL), and will support subsequent trials for small cell lung cancer (SCLC).

The recent funding round was spearheaded by Storm Lake Capital and Pointe Angels, with contributions from new and existing accredited investors. Todd Carlson, Partner at Storm Lake Capital, expressed satisfaction with SciTech’s clinical progress and demonstrated commitment to overcoming challenges and managing resources effectively. Carlson emphasized the investors' confidence in SciTech's management team and their anticipation of continued success.

SciTech's clinical trial for T-NHL commenced in late 2023, with the first patient dosed at one of six prominent cancer treatment centers across the United States, including locations in Pennsylvania, New York, Texas, Michigan, and California. Additional sites are expected to join the trial, which is currently open for patient enrollment. Detailed trial information, including eligibility criteria and site locations, is available on ClinicalTrials.gov under the identifier NCT04234048. Alongside the T-NHL trial, SciTech plans to initiate a second Phase 1b trial for small cell lung cancer.

Earle Holsapple, CEO of SciTech, highlighted the achievement of their oversubscribed second Convertible Note Round (CNR) of financing, attributing this success to the dedicated team's efforts. Holsapple announced the opening of a third CNR to further support the Phase 1b studies for T-NHL and small cell lung cancer. Additionally, SciTech is preparing to launch a Series A capital raise to fund the completion of these trials and to seek commercial approval from the FDA. Holsapple expressed confidence in realizing the potential of their lead drug.

ST-001, SciTech's flagship product, combines fenretinide, a synthetic retinoid derivative, with specific phospholipids using a nanoparticle delivery platform (SDP). This innovative formulation addresses the bioavailability issues of fenretinide without introducing systemic toxicities, enabling effective cancer cell targeting. The FDA has granted ST-001 Orphan Drug Designation, offering seven years of market exclusivity upon approval.

T-cell lymphoma, a relatively rare disease, serves as the initial target for ST-001, with plans to expand its application to other cancer types. Previous studies have shown fenretinide's promise in treating over 15 different cancers, including lung, breast, ovarian, cervical, pancreatic, leukemia, colorectal, head & neck, and brain cancers. ST-001 also holds potential as a combination therapy, which could significantly address unmet clinical needs in oncology.

SciTech Development is a pioneer in specialty oncology pharmaceuticals, focusing on delivering potent yet challenging drugs safely and effectively. Utilizing cutting-edge science and advanced nanotechnology, the company has developed ST-001 nanoFenretinide, a patented formulation currently undergoing clinical trials for T-cell lymphomas. The nanoparticle delivery platform (SDP) maximizes the bioavailability of water-insoluble therapeutics, offering the potential to develop new drugs or enhance existing ones.