Step Pharma Secures Significant Funding for Cancer Treatment Development
Step Pharma, a pioneer in the field of CTPS1 inhibition, is excited to announce the successful completion of a €38 million Series C financing round, a vital step in advancing its innovative cancer therapies. The financing aims to support the ongoing clinical development of Step Pharma's leading asset, dencatistat, across various clinical indications.
New Investors and Continued Support from Existing Stakeholders
This financing round, primarily led by the renowned V-Bio Ventures, a life sciences venture capital firm with its headquarters in Ghent, included notable participation from existing investors such as Pontifax, Bpifrance, Hadean Ventures, Kurma Partners, Inserm Transfert Initiative, and Sunstone Life Science Ventures. The infusion of funds will not only bolster Step Pharma's developmental activities but will also enhance its collaborative effort in revolutionizing cancer treatment.
Advancing Clinical Programs for Dencatistat
Dencatistat, a first-in-class and highly selective CTPS1 inhibitor, is currently under evaluation in a phase 1/2 clinical trial targeting adult patients suffering from relapsed or refractory T or B cell lymphoma. This drug has garnered orphan drug designation for T cell lymphoma, affirming its promise in treating this challenging condition. Moreover, Step Pharma is working diligently to explore its application in solid tumours and has initiated a phase 1 trial with plans to expand into CTPS2-null ovarian, endometrial, and lung cancer cohorts.
Expanding Horizons in Cancer Research
The path toward clinical advancement has been impressive, especially as Step Pharma embarks on its third clinical programme targeting essential thrombocythaemia, following successful trials in lymphoma and solid tumours. Essential thrombocythaemia, a rare blood disorder characterized by excessive platelet production, presents unique treatment challenges. Dencatistat demonstrates potential in managing this condition, showcasing the versatility of this innovative therapy.
Leadership Insight on Strategic Growth
Andrew Parker, the Chief Executive Officer of Step Pharma, expressed his enthusiasm regarding the financing, stating, "This Series C financing will allow us to build upon the significant clinical progress we have made with dencatistat. The funds will empower us to expand our clinical dataset and enhance our understanding as we transition into phase 2 clinical trials, all while aiming to improve patient outcomes through targeted CTPS1 inhibition." His confidence in the future of Step Pharma's projects highlights the company's commitment to innovation and patient care.
Expert Analysis: A Promising Future for Step Pharma
Ward Capoen, a Partner at V-Bio Ventures, shared insights into the rationale behind their investment. He noted, "We are delighted to support Step Pharma in its next phase of growth. The company’s commitment to targeting CTPS1 to selectively inhibit cancer cell proliferation is highly promising. The rigorous data-driven approach leading to evaluations in essential thrombocythaemia reflects the team’s dedication to providing new therapeutic avenues for patients facing critical health challenges.”
About Step Pharma
Founded in 2014, Step Pharma is dedicated to transforming the landscape of cancer treatment with novel therapies that effectively target cancer cells while sparing healthy ones. This commitment to innovation and efficacy has established Step Pharma as a global leader in CTPS1 inhibition, which hails as a new frontier for safe and effective treatments for blood cancers and solid tumours alike. The company, situated in Saint-Genis-Pouilly, operates under the guidance of its founders—Kurma Partners, the Imagine Institute, and Sygnature Discovery—coupled with a robust backing from a diverse investor network.
Frequently Asked Questions
What is dencatistat, and how does it work?
Dencatistat is a CTPS1 inhibitor developed by Step Pharma, targeting cancer cell DNA synthesis and proliferation by blocking a crucial component of the pyrimidine synthesis pathway.
Who led the Series C financing for Step Pharma?
The Series C financing was led by V-Bio Ventures, with significant participation from existing investors such as Pontifax and Bpifrance.
What are the key clinical trials currently in progress for dencatistat?
Dencatistat is currently undergoing phase 1/2 clinical trials for T and B cell lymphoma and has also commenced trials for essential thrombocythaemia and solid tumours with planned expansions.
What is the goal of Step Pharma's 'pipeline in a product' strategy?
Step Pharma's strategy aims to turn its core cancer therapy, dencatistat, into a multi-indication treatment, thereby maximizing its clinical output and improving patient outcomes.
Where can I find more information about Step Pharma?
More details about Step Pharma’s progress, clinical trials, and overall mission can be found on their official website at www.step-ph.com.
