Boston-based PIC Therapeutics Secures USD 5 Million in Seed Round of Financing

Boston-based PIC Therapeutics Secures USD 5 Million in Seed Round of Financing

The company's primary aim is to target the master switch of cancer signalling pathways, blocking oncogene protein production by selectively modulating the Pre-Initiation Complex (PIC), specifically eIF4E - a convergence point driving oncogene RNA translation

Fremont, CA: Biotechnology firm PIC Therapeutics secured USD 5 Million in a Seed funding round of preferred equity funding. The company focuses on transforming the treatment of cancer through the selective modulation of oncogene translation. The oversubscribed seed round was led by Advent Life Sciences ("Advent"). It included participation by Belinda Termeer, widow of legendary Genzyme CEO Henri Termeer, as well as several biopharmaceutical industry executives and other individual investors.

"This is an important step for PIC as we seek to transform how cancer is treated and therefore make a significant difference in patients' lives. With this funding in hand we can accelerate our program focusing on allosteric regulation of eIF4E via an innovative drug development platform designed to produce early proof of concept in advance of the clinic," said Sun Altbach, PIC Therapeutics CEO. The company was founded based on extensive research conducted by scientific founder Professor Gerhard Wagner of Harvard University and is led by founding CEO Sun Altbach, a 20+ year life sciences veteran and by Dr Alan Walts, Executive Chairman and Venture Partner at Advent Life Sciences. In addition, PIC Therapeutics is supported by a world-renowned Scientific Advisory Board and Board of Directors.

The company's primary aim is to target the master switch of cancer signalling pathways, blocking oncogene protein production by selectively modulating the Pre-Initiation Complex (PIC), specifically eIF4E - a convergence point driving oncogene RNA translation. PIC's targeted approach holds the potential to simultaneously impact multiple oncogenic drivers leading to a powerful new generation of cancer-treating therapeutics that address drug resistance and tumor heterogeneity, issues that plague many existing treatments.

"PIC is a leader in the rapidly advancing field of translational modulation of oncogenes. PIC has developed a best in class portfolio of proprietary small molecule modulators of eIF4E and a comprehensive platform to validate human tumor activity. We are pleased to support their efforts to develop a new class of cancer therapies," said Alan Walts, Executive Chairman and Venture Partner at Advent

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