Food allergy biotech gets $50M loan; Sean Ianchulev’s medical device company raises a $23M Series B
Alladapt Immunotherapeutics put out word on Tuesday that it has entered into a term loan agreement with Hercules Capital for up to $50 million.
According to the biotech, which focuses on IgE-mediated food allergies, this new injection of capital will be used to support the clinical development of Alladapt’s lead asset, ADP101, through the initiation of a Phase III trial, as well as the completion of its manufacturing facility intended for the clinical supply of the candidate and a potential commercial product.
“In conjunction with the close of our recent equity raise, this non-dilutive capital extends our cash runway into 2024 and optimizes our ability to execute on our strategic priorities – which includes reporting data from our Harmony study and determining the best approach to maximize value for our shareholders,” said Alladapt CFO Glenn Reicin in a statement.
The company announced last year that its manufacturing site will be 53,000 square feet and is located near Philadelphia, where the company’s CMO is located. — Tyler Patchen
Sean Ianchulev’s Iantrek nets $23M for its Series B
The medical device company founded by Sean Ianchulev has closed on a $23M Series B financing round.
Iantrek announced on Tuesday that its latest round will be used to initiate clinical introduction and post-marketing studies of Micro-Interventional Glaucoma Surgical (MIGS) devices in the United States, which are used to treat the disease to hopefully prevent blindness. The company’s system specifically serves as an ophthalmic surgical technology.
“There remains a significant unmet clinical need to provide safe and effective micro-interventional tools for aqueous outflow management. We are grateful to have a world-class syndicate of investors supporting our efforts to advance these new technologies,” Ianchulev said in a statement.
Ianchulev, on the back of the Series B, has also been named CEO and added several industry experts to the company.
The round was led by Visionary Ventures and Sectoral Asset Management, Inc. — Tyler Patchen
Outlook Therapeutics resubmits BLA for its drug for retinal indications
New Jersey-based Outlook Therapeutics has resubmitted its BLA for its drug candidate ONS-5010 — for wet age-related macular degeneration. The drug bevacizumab, branded as Lytenava, could be used for retinal indications as well, according to the company.
“Over the past three months, we have worked diligently to provide the additional required information that was not included in our March 2022 BLA submission, to address requests from the Agency to ensure our BLA is complete for acceptance and review,” said the company’s CEO Russell Trenary in a statement.
The BLA re-submission is based on data from Outlook’s wet AMD clinical program for ONS-5010, which consists of three completed registration clinical trials — NORSE ONE, NORSE TWO and NORSE THREE — as well as a Phase I pharmacokinetic clinical trial and the necessary pre-clinical testing.
If approved, the company intends to commercialize ONS-5010 in both vial and pre-filled syringe formulations. Outlook anticipates an FDA marketing approval in 2023 and is continuing its commercial launch planning. — Aayushi Pratap