The latest development comes after the US Food and Drug Administration (FDA) accepted the Investigational New Drug (IND) application submitted by the company.
A new inhibitor of topoisomerase I, PEEL-224 is intended to treat cancer.
The dose escalation, multicentre, repeat-dose, open-label trial will enrol advanced solid tumour patients to assess the safety, tolerability, pharmacokinetics and initial antitumor activity of PEEL-224.
According to preclinical findings collected so far, PEEL-224 showed to be a promising therapy with a lasting complete response in the most aggressive solid tumours for over six months.
Its molecular structure stops its efflux from cancer cells through the ABCG2 multidrug transporter pump, indicating the reduced likelihood of tumours becoming resistant to PEEL-224.
Furthermore, it helps in overcoming irinotecan resistance due to this property.
Last year, the company closed a convertible note financing of $18m.
Till date, Peel Therapeutics raised $30m in oversubscribed note rounds and small business awards from the start.
Peel Therapeutics CEO and co-founder Joshua Schiffman said: “We are very encouraged by the preclinical data seen in multiple solid tumour types.
“Our company looks forward to further evaluation of PEEL-224 in patients, bringing us closer to our goal of delivering safer and more effective cancer therapy.”
The company is focusing on progressing a therapeutic pipeline for treating various devastating conditions, with a current focus on cancer and inflammation.
Peel Therapeutics is a member of the Utah life sciences industry collective, BioHive.