Clinical-stage oncology pharmaceutical company SciTech Development has secured an additional $3.2m in funding to expand the clinical trials for potential cancer therapies.
This investment will support the active enrolment of trial subjects and their dosing in the ongoing T-NHL trials.
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With this latest funding, the total investments secured by the company to date exceed $12m.
The latest round of financing was lead by Storm Lake Capital and Pointe Angels, with contributions from both new and existing accredited investors.
The funds are allocated for advancing the Phase I trials of ST-001 nanoFenretinide for T-NHL and for upcoming trials targeting small cell lung cancer (SCLC).
The T-NHL trial, which commenced with its first patient dosing in late 2023, is being conducted at six US cancer institutions in Pennsylvania, New York, Texas, Michigan, and California.
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By GlobalDataAdditional sites are scheduled to join the study, with patient enrolment currently underway.
SciTech is also preparing to initiate a concurrent Phase I trial for SCLC.
A lead drug product of the company, ST-001 is a nanoparticulated formulation of fenretinide, a synthetic retinoid derivative plus specific phospholipids.
The nanoparticalised delivery platform (SDP) addresses previous bioavailability issues and mitigates system-related toxicities, allowing the drug to effectively target and destroy cancer cells.
The US Food and Drug Administration (FDA) previously granted orphan drug designation to ST-001, which aided in obtaining seven years of market exclusivity upon approval.
Prior research on fenretinide has indicated potential efficacy in over 15 other cancer types, including lung, breast, ovarian, and pancreatic cancers, among others.
SciTech CEO Earle Holsapple said: “Our multicentre clinical trial is to reconfirm the safety and efficacy of the active drug, fenretinide, utilising SciTech’s novel nanoparticle delivery platform.
“We have opened a third Convertible Note Round (CNR) to continue advancing the Phase Ib studies for T-NHL and small cell lung cancer. In parallel, the company will launch a Series A capital raise to fund the completion of both trials and file for commercial approval with the FDA.”
