In the last three years, CellCentric CEO Will West has been on a journey that has transformed how he thinks about the future of his company. He used to be “obsessed with pharma deals,” he told Fierce Biotech. Now, the clinical-stage biotech has enough runway to stay independent and take its drug to market.
CellCentric has raised an oversubscribed $220 million series D financing to advance inobrodib, its first-in-class oral small-molecule inhibitor targeting p300/CBP for the treatment of relapsed or refractory multiple myeloma (RRMM) and other cancers, according to a May 6 release.
The raise was led by Venrock Healthcare Capital Partners, with participation from Fidelity Management & Research Company, Sofinnova Partners and HBM Healthcare, along with existing investors RA Capital Management, Forbion, Pfizer, Avego Bioscience Capital and American Cancer Society BrightEdge.
The funding syndicate, West said, is strong enough to support an IPO if the company decides that is the best next step. “We had a lot of term sheets that we turned down from smaller funds,” West said. “We were in a privileged position.”
West said the funds will allow the company to “carry out a full registration program without looking over our shoulders.” That includes supporting two registration-enabling trials and continued development of the p300/CBP inhibitor.
Cambridge, England-based CellCentric is currently enrolling U.K. and U.S. patients in a phase 2 trial studying inobrodib in combination with pomalidomide and dexamethasone (InoPd) in multiple myeloma patients. The round will support this trial, an upcoming global phase 3 trial in the second half of this year and tests in additional combinations and treatment settings.
Phase 2 data shared in December at the American Society of Hematology demonstrated that 20-mg inobrodib in combination with pomalidomide and dexamethasone resulted in at least a two-fold increase in response rates compared to alternative therapies for patients with heavily pretreated RRMM.
West said that 70% of myeloma patients are treated in a community-based setting rather than large academic centers. The oral drug is designed to be taken at home without intensive monitoring. “The fact that we're all well-tolerated means there's a clear commercial landing point for this,” he said.
Multiple myeloma candidates received a boost from the FDA earlier this year when the agency issued draft guidance for the potential use of minimal residual disease and complete response as acceptable endpoints to accelerate the approval of myeloma drugs.
CellCentric’s inobrodib isn’t alone in its quest to offer options to patients with RRMM. Bristol Myers Squibb scored two phase 3 wins via drugs developed with its Cereblon E3 ligase modulator program.
With enough cash to last through 2029, West said an IPO is a possibility next year, but the company is also having parallel conversations about M&A. What’s different after the latest fundraise and recent data is that CellCentric can choose its own destiny.
“We don't have to get forced into a corner or do anything that we don't want to do,” West said. “Our investors have a strong belief in the product and can support the company long term.”