Alpine’s pipeline. (Alpine Graphic)
Alpine Immune Sciences will move a potential treatment for immune conditions into human testing and support its ongoing trials for cancer thanks to around $91 million in new funding.
The publicly traded biotech is raising the funds through a private placement, announced Wednesday, offering securities to a select group of investors. The private offering, led by Seattle-based Frazier Healthcare Partners, will close on Friday.
The funding will fuel Alpine’s program developing ALPN-303, designed to treat lupus and other inflammatory diseases. The company expects to initiate a phase 1 study for the agent by this winter.
The funding will also support clinical studies of ALPN-202, which is designed to prompt an immune response against tumor cells. The company presented data from its phase 1 study on ALPN-202 this year, suggesting that the agent is well-tolerated and appeared to have a clinical benefit in a small group of cancer patients.
Alpine is also collaborating with Merck to test the pharma giant’s blockbuster cancer immunotherapy drug Keytruda in combination with ALPN-202 in a separate phase 1 trial.
James Topper, managing general partner of Frazier Healthcare Partners. (Frazier Photo)
“As a long-term backer of Alpine, we are impressed by the company’s progress and their emergence as a leader in both immunology and immuno-oncology,” said James Topper, managing general partner of Frazier’s life sciences team, in a statement.
Alpine had $100 million on hand in June in cash, cash equivalent, restricted cash and investments, and was expecting to receive $45 million in a milestone payment from AbbVie this fall, according to an August statement.
That payment is part of a licensing deal inked last year with the pharmaceutical giant for clinical testing of another immune-modulating agent, ALPN-101, for lupus. Alpine’s phase 2 trial for ALPN-101 is ongoing.
The company’s research and development expenses reached …read more