RALEIGH, N.C.--(BUSINESS WIRE)--Advanced Chemotherapy Technologies, Inc., a clinical-stage drug delivery company, announced today that it has closed a Series A investment of $2.5 million with Spectrum Financial. This investment is in addition to the previously announced Series A investment of $5.5 million lead by Khosla Venture. The capital will be used to fund initial clinical development of the company’s ACT-IOP-003 local chemotherapy system for the treatment of locally advanced non-resectable and borderline resectable pancreatic cancer.
For pancreatic cancer, the ACT-IOP-003 system will be used to deliver the chemotherapy drug, gemcitabine, through the dense tumor microenvironment, directly to the tumor, while also minimizing the systemic toxicity commonly associated with chemotherapy treatments for pancreatic cancer. This approach offers three major advantages over traditional systemic chemotherapy: (1) Superior delivery of chemotherapy to the tumor cells, greatly increasing the amount of drug to treat the tumor, (2) Tumor shrinkage that can enable surgical resection, the only curative treatment for pancreatic cancer, and (3) Greatly decreased systemic toxicity so that the patient can remain in treatment.
This novel implantable drug delivery system uses a mild electrical current (iontophoresis) and can deliver a wide range of drugs directly to the local tumor. The system was developed in the laboratories of Jen Jen Yeh, MD, and Joseph M. DeSimone, PhD, at the University of North Carolina (UNC) at Chapel Hill. In preclinical studies, 100% of pancreatic cancer tumors treated with the device using gemcitabine shrunk by an average of 40%, while tumors treated with intraveneously delivered gemcitabine grew an average of 240%.
“We are excited to invest behind ACT to help bring their first product to market. ACT-IOP-003 is disruptive technology that will change the cancer treatment landscape and lead to breakthroughs for patients,” said Bryan Martin, Chief Investment Officer of Spectrum Financial. “We believe that the Advanced Chemotherapy Technology team has developed a truly innovative technology that holds promise to significantly improve outcomes for pancreatic cancer patients.”
“We are thrilled to bring on additional investors of the quality of Spectrum Financial. Closing additional Series A funding, during these uncertain times, further validates Advanced Chemotherapy Technologies disruptive approach to local drug delivery for treating solid tumors. This funding accelerates our ability to start clinical trials for our lead product in pancreatic tumors, one of the deadlist of all cancers,” said Tony Voiers, CEO of Advanced Chemotherapy Technologies.
About Advanced Chemotherapy Technologies
Advanced Chemotherapy Technologies, Inc. is a privately owned, clinical-stage company developing novel approaches to local drug delivery. Its lead product is the first-in-class to combine iontophoresis drug delivery with an implantable delivery system to target drug delivery with laser-like precision. Advanced Chemotherapy Technologies drug delivery technology was first developed at and licensed from the University of North Carolina at Chapel Hill in conjunction with UNC Lineberger Comprehensive Cancer Center.
Advanced Chemotherapy Technologies has received funding from the U.S. National Institutes of Health (NIH) through SBIR awards, the North Carolina Biotechnology Center through strategic loans, and prior rounds of seed financing in 2017. The initial development and preclinical studies of the technology, which took place at the University of North Carolina, were funded through grants from the University Cancer Research Fund, the NIH, and the NIH Director’s Pioneer Award Program.
About Spectrum Financial
Spectrum invests capital across a broad range of public and private asset classes with the scale and flexibility to transact across industries, geographies and capital structures – always taking a long-term view. Spectrum Financial is a closely-held investment firm headquartered in Omaha, NE.
