Avammune Therapeutics Inc has secured a round of financing from The Chennai Angels. The funding (the company did not disclose the value) will help advance Avammune’s highly diversified pipeline of assets for Oncology and Autoimmune disorders.
Immuno-oncology involves harnessing the body’s immune system to combat cancer. Avammune said this novel approach to cancer treatment has gained a lot of attention over the past few years with several drugs being based on this.
Despite the promise, the reach of these drugs is limited since less than 30-40 per cent of patients respond to them, and the costs are prohibitively expensive since most of these are biological drugs, it added.
In a press release, Avammune said it is in advanced discussions with major pharma and biotech companies for partnering for clinical translation of the assets and in parallel with strategic investors for taking the assets through clinical testing independently.
Safety studies next
“Avammune’s technology platform has been validated in various animal models and is gearing up for safety studies. With the influx of funding, we are hoping to complete these safety studies and are gearing up for partnerships for entering clinical testing next year,” said Arun B Papaiah, CEO, Avammune, in a press release.
“This latest round of funding will also allow us to further strengthen our diversified pipeline of drugs for cancers and autoimmune diseases. It is a pleasure working with The Chennai Angels who join existing and other new investors and is are excited to bring them on board as partners,” he added.