Skip to main content

Bright Peak Therapeutics secures investment of 90 million US dollars

| News

Bright Peak Therapeutics secures investment of 90 million US dollars

14.06.2024

Basel Area and San Diego-based Bright Peak Therapeutics has closed a Series C financing round, securing investment of 90 million US dollars in the process. With this fresh capital, the company intends to advance a first-in-class PD1-IL18 immunoconjugate into a Phase 1/2a clinical trial.

Bright Peak Therapeutics has successfully secured investment of 90 million US dollars after closing a Series C financing round. According to a press release, Johnson & Johnson Innovation – JJDC led the financing round for the biotechnology company, which is based in Allschwil at the Main Campus of the Switzerland Innovation Park Basel Area and in San Diego in the US State of California. Other investors taking part in the round included the founding investor Versant Ventures, as well as Fidelity Management & Research CompanyRA Capital ManagementQatar Investment AuthorityInvusAlexandria Venture Investments and an undisclosed leading healthcare investment fund, while VenrockKB Investment and Northleaf Capital Partners participated as new investors.

With the proceeds from this financing round, the company is aiming to advance BPT567, a first-in-class PD1-IL18 immunoconjugate, into a Phase 1/2a clinical trial in the second half of 2024. Preclinical models have demonstrated that single agent BPT567 possesses a highly targeted biological and therapeutic effect with potent antitumor activity by blocking the PD-1 receptor, while at the same time directing the potent pro-inflammatory effects of IL-18 specifically to effector T cells in the tumor microenvironment.

Lead program gets into the clinic

“We are now well positioned to bring much needed innovation to the field of anti-PD-1 immune-checkpoint inhibition and look forward to advancing our lead program into the clinic later this year across multiple tumor types”, comments Fredrik Wiklund, Chief Executive Officer of Bright Peak, in the press release, before adding: “This capital raise provides financial flexibility to bring new therapeutic modalities to patients with cancer and we’re delighted to have attracted the confidence of a global pharmaceutical company and strong support from such a distinguished syndicate of leading life sciences investors”.

Share this article

Sign up to receive our newsletter in your inbox.

You may also be interested in

Nouscom secures 67.5 million euros in financing

Biotech company Nouscom has raised 67.5 million euros in a series C financing round. The Basel-based firm intends to use...
Read More

Celebrating six months of innovation: i4Challenge accelerator New Ideas 2022/2023

On the 5th of July 2023, the 3rd iteration of the i4Challenge accelerator program New Ideas came to its conclusion....
Read More

How open innovation in healthtech hubs is fueling the rise of digital healthcare

How the ever-increasing uptake of digital solutions is enhancing patient engagement, increasing access to care and lowering the cost of...
Read More

Paradigm shift in pain management

Pain is a crucial sensation for survival, but it can also drive us to depression and long-term suffering if not...
Read More

BOOM Summit in Basel accelerates health technology

The BOOM Summit at Messe Basel in April 2024 will be a completely new kind of healthcare conference. The first...
Read More

Investors stump up 3.7 million Swiss francs in Onena Medicines

Onena Medicines has secured an investment of 3.7 million Swiss francs. The portfolio company of the biotech startup incubator BaseLaunch...
Read More

Do you have a question? We'd like to hear from you.