EnGeneIC closes oversubscribed Series B financing

Jan 6 2015

EnGeneIC, Ltd., an emerging biopharmaceutical company focused on developing its proprietary EDV™ nanocell platform for the targeted delivery of cancer therapeutics, announced it has completed an oversubscribed $10 million Series B financing. The round was led by new investor GRT Capital Partners LLC, a Boston-based institution prominent in the healthcare and energy space, and included participation from other new U.S. and existing investors, as well as Foley Ventures LLC and various partners of Foley & Lardner LLP. In conjunction with the financing, EnGeneIC has established a U.S. base of operations in New York and appointed Anjan Chatterji as Executive Vice President of Corporate Development. Mr. Chatterji will operate out of the Company's New York City office.

EnGeneIC will use the proceeds from the financing to advance the clinical development of its antibody-targeted, EDV™ nanocell technology platform. The company expects to commence a Phase1/2a clinical trial in recurrent glioblastoma patients in mid 2015, which is being planned in conjunction with a premier U.S. hospital, as well as a personalized medicine trial at the Royal North Shore Hospital in Sydney. Additionally, the company will continue funding the Phase 1/2a mesothelioma trial, which is currently enrolling patients in Australia and is expected to announce preliminary safety data in the second quarter of 2015.

Timothy Krochuk, CFA, Co-Founder and Portfolio Manager at GRT Capital Partners, said, "We believe EnGeneIC's novel delivery technology can play an important role in changing the treatment paradigm for highly cytotoxic chemotherapy and functional nucleic acids, as well as improve outcomes by engaging the immune system to target tumors. We are pleased to partner with EnGeneIC at this exciting turning point in its development as the Company advances several programs into the clinic."

Himanshu Brahmbhatt, Ph.D., Joint-CEO of EnGeneIC, said, "We are very pleased to welcome GRT Capital and our other U.S.-based investors at this exciting stage in the company's evolution. We believe this and future validation from sophisticated U.S. institutions will be critical to achieving our clinical goals, including the planned Phase 1/2 brain cancer study we expect to initiate in 2015."

Jennifer MacDiarmid, PhD., Joint-CEO of EnGeneIC, continued, "In parallel, our strategy to expand our presence in the U.S. allows us to manage our lead U.S.-based clinical programs more efficiently, as well as foster our growing relationships with U.S. investors. With that, we welcome the addition of Anjan as our EVP of corporate development. Anjan was instrumental in securing this round of financing and we expect him to be a valuable addition to the EnGeneIC team."