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F-star Alpha Forms With 9.4M EURO Funding

2013-10-23
CAMBRIDGE, UNITED KINGDOM, F-Star, an oncology-based pharmaceutical firm, has received a 9.4 million euro Series A funding, and has formed an independent company, F-star Alpha, to license its oncology assets.
F-star, an oncology-focused biopharmaceutical company, today announced the formation of F-star Alpha Ltd., an independent company which has been granted exclusive licences to a range of oncology assets from F-star Biotechnology Ltd.

Under the terms of the licence agreement, F-star Alpha receives an exclusive licence to FS102, an Fcab antibody fragment, which eliminates HER2-positive cancer cells through a novel apoptotic mechanism of action. Furthermore, a genetic predictive biomarker has been identified, which allows selection of patients likely to respond to therapy. FS102 is now progressing to clinical testing in breast, gastric and colorectal cancer.

In addition, F-star Alpha receives a licence for the generation of Fcabs or bispecific antibodies (mAb2) against up to 22 other oncology and immuno-oncology targets. In return, F-star will receive a combination of milestone payments and tiered royalties.

F-star Alpha is funded through a Series A investment of 9.4 million euro from Atlas Venture, Aescap Venture, TVM Capital, SR One, MP Healthcare Venture Management, and MS Ventures. This investment enables the company to carry out IND-enabling studies with FS102. In addition the investment will fund the discovery of novel immuno-oncology therapies aimed at activating the patient's immune system against cancer.

'We are very pleased to announce the creation and funding of F-star Alpha, the first asset-centric vehicle, which exclusively comprises key assets of the F-star family', said John Haurum, CEO of F-star. 'The F-star technology platform has fully matured and enables the development of a large number of novel therapeutic products for the benefit of patients. This new company structure will accelerate the development of an exciting pipeline of cancer therapeutics, while creating greater commercial and financial flexibility for F-star, the investors, and future partners'.
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