US-based cancer drug developer Myeloid Therapeutics has launched with over $50m from investors including Alexandria Venture Investments, the venture capital arm of life sciences real estate investment trust Alexandria Real Estate Equities.
The round was led by investment fund Newpath Partners and also featured venture capital firms 8VC and Hatteras Venture Partners.
Myeloid is developing cell therapies designed to use myeloid cells to treat solid tumours caused by cancer. The company’s ATAK technology platform is able to reprogram myeloid cells to recognise and destroy cancers.
The funding will allow Myeloid to begin the first clinical trials for its drug pipeline. It expects to dose patients with product candidates targeting glioblastoma and T-cell lymphoma in 2021.
Myeloid co-founder Siddhartha Mukherjee said: “I believe Myeloid is best positioned to leverage the unique power of myeloid cells to help patients fighting cancers that until now, have been very difficult to treat.
“Despite the promise of current cell therapies, many challenges remain when it comes to targeting specific types of cancers, including solid tumours, and in efficiently manufacturing treatments. I am thrilled to help develop Myeloid’s transformative treatment modality, which has the potential to overcome many of these challenges.”