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Provenance closes an $8 million financing agreement

Wednesday, December 28, 2011 01:11 PM

Provenance Biopharmaceuticals has closed an $8 million financing arrangement with Alopexx Enterprises for the continued development of anti-cancer therapeutic, DI-Leu16-IL2.

DI-Leu16-IL2 is among a class of molecules called immunocytokines that are being developed for the treatment of various forms of cancer. Immunocytokines, combine the immune stimulating features of cytokines with the targeting properties of antibodies. DI-Leu16-IL2, Provenance's most advanced program, is a de-immunized form of an anti-CD20 antibody, Leu16, genetically fused to the cytokine, interleukin 2 (IL2). DI-Leu16-IL2 is being studied for the treatment of non-Hodgkin's lymphoma and other forms of hematological cancer and is currently in an investigator sponsored Phase I clinical trial.

Under the terms of the financing, Provenance and Alopexx Enterprises have formed a new company, Alopexx Oncology to manage the clinical development of DI-Leu16-IL2. Financial details of the transaction are not disclosed.

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