Con­stel­la­tion joins the mega-round club with $100M raise and plans to pur­sue can­cer stud­ies

Af­ter keep­ing a fair­ly low pro­file for the past few years, Con­stel­la­tion Phar­ma­ceu­ti­cals is step­ping in­to the spot­light this morn­ing, join­ing the megaround club in biotech with a broad­ened syn­di­cate of crossover in­vestors that fits the pro­file for com­pa­nies groom­ing them­selves for an IPO.

Adding in a $48 mil­lion round the com­pa­ny brought in at the end of 2016 — but didn’t spot­light — along with a $100 mil­lion round to­day, CEO Ji­gar Raythatha tells me that the com­pa­ny has now raised a to­tal of $280 mil­lion since launch­ing 10 years ago. And the sto­ry the com­pa­ny is telling now cen­ters con­sid­er­ably on a pair of ear­ly-stage can­cer stud­ies.

The biotech start­ed a Phase Ib/II study of CPI-1205, an EZH2 in­hibitor com­bined with Yer­voy, that they hope will high­light their po­ten­tial in epi­ge­net­ics, di­al­ing down gene ex­pres­sion in can­cer path­ways to en­hance im­muno-on­col­o­gy drugs that have be­come all the rage these days.  The same drug is al­so in an ear­ly study to see if it can boost the ef­fec­tive­ness of Zyti­ga and Xtan­di in prostate can­cer. And their BET drug is look­ing for proof-of-con­cept da­ta for myelofi­bro­sis.

Kei­th Dionne

Raythatha stepped in to take the helm of the Third Rock start­up a year ago af­ter a stint on the BD side of things at Jounce. He took the place of Kei­th Dionne, who went to Third Rock as an en­tre­pre­neur-in-res­i­dence in­cu­bat­ing new biotechs not long af­ter Genen­tech dropped a buy­out op­tion.

The new CEO says there are no “firm plans” for go­ing pub­lic, some­thing that the pre­vi­ous team dis­cussed sev­er­al years ago, but the syn­di­cate that has now pumped in $100 mil­lion for the 10-year-old com­pa­ny brings along the kind of fi­nan­cial mus­cle need­ed to boost a com­pa­ny up to the pub­lic stage.

New in­vestors in­clude Cor­morant As­set Man­age­ment, Deer­field Man­age­ment, Fi­deli­ty Man­age­ment and Re­search Com­pa­ny, Hill­house Cap­i­tal, NS In­vest­ment, Or­biMed, Sirona Cap­i­tal, and Ven­rock Health­care Part­ners. Cur­rent in­vestors: The Col­umn Group, Third Rock Ven­tures, Ven­rock, SROne, Uni­ver­si­ty of Cal­i­for­nia In­vest­ment Of­fice, Top­spin Part­ners, and Cas­din Cap­i­tal.

Pol­ish­ing their I/O cre­den­tials al­so fits the pic­ture of a biotech look­ing to go pub­lic. And Con­stel­la­tion has been a long time mak­ing clin­i­cal plans.

“As you em­bark on var­i­ous busi­ness ven­tures there are twists and turns, and cer­tain­ly we’ve had out share,” the CEO tells me. When he came on board in ear­ly 2017, he adds, there was some need to think through the biotech’s strate­gic po­si­tion­ing, and re­or­ga­nize the team run­ning the com­pa­ny. Now he says he has plen­ty of time to think through things like an IPO.

What kind of an op­er­at­ing run­way does $100 mil­lion get you these days?

Raythatha isn’t say­ing. 

A decade in at Con­stel­la­tion, you still just get a peek at what’s go­ing on be­hind the big cur­tain.

2023 Spot­light on the Fu­ture of Drug De­vel­op­ment for Small and Mid-Sized Biotechs

In the context of today’s global economic environment, there is an increasing need to work smarter, faster and leaner across all facets of the life sciences industry.  This is particularly true for small and mid-sized biotech companies, many of which are facing declining valuations and competing for increasingly limited funding to propel their science forward.  It is important to recognize that within this framework, many of these smaller companies already find themselves resource-challenged to design and manage clinical studies themselves because they don’t have large teams or in-house experts in navigating the various aspects of the drug development journey. This can be particularly challenging for the most complex and difficult to treat diseases where no previous pathway exists and patients are urgently awaiting breakthroughs.

Kristen Hege, Bristol Myers Squibb SVP, early clinical development, oncology/hematology and cell therapy (Illustration: Assistant Editor Kathy Wong for Endpoints News)

Q&A: Bris­tol My­er­s' Kris­ten Hege on cell ther­a­py, can­cer pa­tients and men­tor­ing the next gen­er­a­tion

Kristen Hege leads Bristol Myers Squibb’s early oncology discovery program carrying on from the same work at Celgene, which was acquired by BMS in 2019. She’s known for her early work in CAR-T, having pioneered the first CAR-T cell trial for solid tumors more than 25 years ago.

However, the eminent physician-scientist is more than just a drug developer mastermind. She’s also a practicing physician, mother to two young women, an avid backpacker and intersecting all those interests — a champion of young women and people of color in STEM and life sciences.

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Pfiz­er and BioN­Tech look to toss Mod­er­na patent suit, call­ing claims 'unen­force­able'

Pfizer and BioNTech took a swing at Moderna’s Covid-19 patent claims in Massachusetts federal court on Monday, calling them “invalid,” “overbroad” and “unenforceable.”

The defendants also filed counterclaims against the Cambridge, MA-based biotech, seeking a dismissal of the case, recovery of court fees and an official judgment invalidating Moderna’s claims.

Moderna sued Pfizer and BioNTech back in August, alleging that the partners’ Covid-19 vaccine Comirnaty copied parts of Moderna’s vaccine technology patented before the pandemic, when it was developing an mRNA vaccine for MERS, another respiratory illness.

Gossamer Bio CEO Faheem Hasnain at Endpoints' #BIO22 panel (J.T. MacMillan Photography for Endpoints News)

Gos­samer’s Fa­heem Has­nain de­fends a round of pos­i­tive PAH da­ta as a clear win. But can these PhII re­sults stand up to scruti­ny?

Gossamer Bio $GOSS posted a statistically significant improvement for its primary endpoint in the key Phase II TORREY trial for lead drug seralutinib on Tuesday morning. But CEO Faheem Hasnain has some explaining to do on the important secondary of the crucial six-minute walk distance test — which will be the primary endpoint in Phase III — as the data on both endpoints fell short of expectations, missing one analyst’s bar on even modest success.

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Rick Modi, Affinia Therapeutics CEO

Ver­tex-part­nered gene ther­a­py biotech Affinia scraps IPO plans

Affinia Therapeutics has ditched its plans to go public in a relatively closed-door market that has not favored Nasdaq debuts for the drug development industry most of this year. A pandemic surge in 2020 and 2021 opened the doors for many preclinical startups, which caught Affinia’s attention and gave the gene therapy biotech confidence in the beginning days of 2022 to send in its S-1.

But on Friday, Affinia threw in the S-1 towel and concluded now is not the time to step onto Wall Street. The biotech has put out few public announcements since the spring of this year. Endpoints News picked the startup as one of its 11 biotechs to watch last year.

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Bob Duggan, Summit Therapeutics co-CEO

Bounc­ing from ma­jor set­back, Sum­mit hands out $500M cash for can­cer drug — thanks to a loan from bil­lion­aire CEO

After hitting a dead end with Summit Therapeutics’ lead program, Bob Duggan has found the drug that he believes will usher into a compelling second act. So compelling, in fact, that it involves $500 million cash — and he’s taking money out of his own pocket to fund the deal.

Striking a partnership with Akeso Therapeutics out of China, Summit is bringing in a bispecific antibody that blocks both PD-1 and VEGF called ivonescimab. Akeso, which has a PD-1/CTLA-4 bispecific approved in China, has already taken ivonescimab into multiple clinical trials, including a Phase III in lung cancer.

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Jay Lichter, Arialys Therapeutics CEO (Avalon Ventures)

Scoop: Aval­on, MPM back new CNS biotech with sci­en­tif­ic chops from Astel­las

A preclinical central nervous system biotech is in the works in La Jolla, CA, and the drug developer has reeled in capital from a syndicate of investors, Endpoints News has learned.

Arialys Therapeutics filed incorporation documents in the Golden State last December and applied its name for trademark protection with the US Patent and Trademark Office the week prior to that. Paperwork with the SEC also outlines plans to offer up equity in exchange for $55 million.

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Klick Health is lighting the way, literally, this holiday season to encourage connection for lonely seniors in long-term care facilities.

Klick Health an­nu­al hol­i­day spot­light se­nior lone­li­ness and the pow­er of con­nec­tion

Every year Klick Health leans into a cause for the holidays, and this year it’s highlighting the sometimes lonely season for seniors. So Klicksters, as employees call themselves, decided to brighten one nursing home community in hopes of inspiring others to do the same.

Klick literally lit up the Tony Stacey Centre for Veterans Care, a long-term care home in Toronto where 75% of residents receive no visitors during the holiday season. The agency brought staff and family along with lighting crews and musicians for a “Light the Way” event, creating a video of the experience debuting on Tuesday.

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Sum­i­to­vant sub­sidiaries En­zy­vant and Al­ta­vant merge in­to com­bined com­pa­ny

Two Sumitovant Biopharma entities are merging under one name, effective immediately.

Enzyvant Therapeutics and Altavant Sciences announced they have merged to form a singular entity focused on developing therapies for patients with rare diseases. The combined company will keep the name Enzyvant and along with clinical development will eventually include in-house manufacturing.

Bill Symonds, the current CEO of both Altavant and Enzyvant, is now CEO of the merged company.