LA JOLLA, Calif., Jan. 10, 2023 /PRNewswire/ -- Alume Biosciences, Inc. has secured $13 million in Series B financing to advance its lead candidate, Bevonescein (ALM-488), in Phase 3 clinical trials. Alume, a leader in the field of nerve-targeted diagnostics and therapeutics, announced in August, 2022 that the first patient had been dosed in a Phase 3 pivotal study of ALM-488 for intra-operative visualization of nerves in head and neck surgery (NCT05377554). ALM-488 is a peptide-dye conjugate designed to highlight nerves with fluorescence in real-time during surgery. The Phase 3 pivotal studies are underway at major academic hospitals across the U.S.
With the $13 million raised in the Series B fundraising, together with funds raised in an earlier Series A financing and additional non-dilutive funding received through grants, the Company has raised over $30 million to fund the clinical development program for its lead candidate, advance its development portfolio and support potential regulatory filings.
ALUME BIOSCIENCES SECURES $13 M IN SERIES B FINANCING
"This is an important milestone for Alume. This funding brings us one step closer to improving intraoperative visualization of nerves for patients undergoing surgery, enabling Precision Surgery™" said Magda Marquet, a member of Alume's Board of Directors.
About ALM-488 ALM-488 is a proprietary fluorescent peptide-dye conjugate in the visible spectrum and can be visualized with fluorescently enabled instrumentation including filter modified loupe systems, portable handheld systems, microscopes and laparoscopes. ALM-488 binds to the extracellular matrix of nerves, allowing real-time nerve illumination during surgery. ALM-488 is expected to have broad surgical application due to unique characteristics of binding that are independent of myelin, which is an insulating layer around nerves. This allows ALM-488 to highlight multiple types of nerves including motor, sensory, and autonomic. Degenerated nerves, critically important during reconstructive procedures, are also highlighted with ALM-488. Surgeries where nerves are potentially at risk include procedures in the skull base, head and neck, and spine, and nerve sparing prostatectomy. In vivo studies also indicate that ALM-488 has adequate pharmacokinetic characteristics to support clinical utility for the labelling of ureters in urology, gynecology and lower abdominal surgical indications.
About Alume Biosciences Alume Biosciences is a late-stage clinical biotechnology company developing nerve specific targeting molecules. In addition to ALM-488, Alume is developing other nerve specific agents for diagnostic and therapeutic indications. The company was founded in 2017 and is headquartered in the Johnson & Johnson Innovation incubator JLABS @ San Diego. Learn more about Alume Biosciences at https://alumebiosciences.com