Boston-Based Cancer Immunotherapy Startup Secures $45 Million in Series B

On November 12th, Boston-based Ankyra Therapeutics announced securing $45 million in Series B financing to advance its lead molecule, ANK-101 through IND enabling studies and into Phase 1 clinical trials, as well as advance additional cytokine programs.

Ankyra, which was founded in 2019 aims to develop cancer therapies based on tumor localized immune potentiating agents that boost anti-tumor immune responses. The company has developed a highly differentiated technology platform that significantly expands the therapeutic window of immune-modulating oncology drugs by forming an extended drug depot following intratumoral administration.

“Ankyra’s approach is a true platform that can extend drug bioavailability and enhance anti-tumor immune responses, while avoiding systemic adverse events. We look forward to extending our preclinical observations into cancer patients in our upcoming Phase 1 clinical trial,” stated Howard Kaufman, the incoming Chief Medical Officer of Ankyra. Dr. Kaufman has been a leading authority on tumor immunotherapy and oncolytic viruses for the treatment of melanoma.

$45 Million Investment

New investors, namely Borealis Ventures, Fidelity Management & Research Company LLC, GV, Sands Capital Ventures, and Spring Mountain Capital joined existing investors Polaris Partners and Mithril Capital. In connection with the closing of the financing, Phil Ferneau of Borealis Ventures will join the Ankyra Therapeutics Board of Directors.

“We are fortunate to have the support of investors who share our vision of developing tumor-localized cytokines and other immune therapies to treat cancer with enhanced efficacy and safety,” said Tillman Gerngross, Co-founder and Executive Chairman of Ankyra Therapeutics.

“This is an important moment for the company as we work to bring our first development program through IND and into Phase 1 clinical trials, and we are excited to bring Howard Kaufman, and his proven track record of successful clinical development, to the Ankyra team.”

Author

Rajaneesh K. Gopinath