Poseida Raises $30.5 Million in Series B Financing
SAN DIEGO, April 03, 2018 (GLOBE NEWSWIRE) -- Poseida Therapeutics Inc. (“Poseida”), a San Diego-based company translating best-in-class gene engineering technologies into lifesaving cell therapies, today announced the company has raised $30.5 million in an oversubscribed Series B financing round, led by Longitude Capital. Additional new investors included Vivo Capital and the Tavistock Group, joined by existing investor Malin Corporation plc. In conjunction with the financing, David Hirsch, M.D., Ph.D., managing director at Longitude Capital, has joined Poseida’s Board of Directors.
Proceeds from this financing will be used to further advance a pipeline of autologous and allogeneic CAR-T immunotherapies, as well as gene therapies, using Poseida’s suite of gene engineering technologies. P-BCMA-101 is a CAR-T therapy currently in Phase 1 clinical development for relapsed/refractory multiple myeloma, with initial clinical data accepted for presentation at the upcoming AACR Annual Meeting. P-PSMA-101 is a CAR-T therapy in preclinical development for the treatment of prostate cancer. P-BCMA-ALLO1 is an allogeneic “universal donor” CAR-T for multiple myeloma.
“We have shown across multiple programs, in preclinical and in clinical studies, an ability to use our proprietary gene engineering technologies to develop advanced CAR-T therapies with more favorable cell phenotype profiles and other highly desirable features that overcome limitations of first generation CAR-T therapies,” said Eric Ostertag, M.D., Ph.D., chief executive officer at Poseida. “With this latest infusion of capital, Poseida will continue on its path to rapidly complete a Phase 1 study of P-BCMA-101 in multiple myeloma and file an Investigational New Drug application for our second and third CAR-T programs, P-PSMA-101 for prostate cancer and P-BCMA-ALLO1 for multiple myeloma, while also moving additional promising pipeline candidates forward enabled by our best-in-class gene engineering technologies.”
About Poseida Therapeutics, Inc.
Poseida Therapeutics is translating best-in-class gene engineering technologies into lifesaving cell therapies. The company is developing CAR T-cell immunotherapies for multiple myeloma, prostate and other cancer types, as well as gene therapies for orphan diseases. P-BCMA-101 is Poseida’s lead CAR-T therapy currently in Phase 1 clinical development for the treatment of multiple myeloma. Poseida has assembled a suite of industry-leading gene engineering technologies, including the piggyBac™ DNA Modification System, TAL-CLOVER™ and Cas-CLOVER™ site-specific nucleases, and Footprint-Free™ Gene Editing (FFGE). For more information, visit www.poseida.com.
Poseida has received grant funding from the California Institute for Regenerative Medicine to support the clinical development of P-BCMA-101.
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