Mumbai, Avammune Therapeutics Inc. (a spin off from Aten Porus Lifesciences Pvt. Ltd.) secures a round of financing for completion of IND enabling studies for their Immuno-oncology asset.
This Funding will help advance Avammune’s highly diversified pipeline of Best-in-class and First-in-class assets for Oncology and Autoimmune Disorders.
Cancer is one of the leading causes of death in the world and the global oncology market is >$250B. Despite tremendous progress being made in the discovery and development of new medicines for cancer, the disease continues to affect millions every year and several patients still do not respond to the various therapeutic modalities. Immuno-oncology, which involves harnessing the body’s immune system to combat cancer, is an area that has gained a lot of attention over the past few years with several of the top blockbuster drugs today being based on this. Despite the promise, the reach of these drugs is limited since less than 30 – 40% patients respond to them, and the costs are prohibitively expensive since most of these are biological drugs.
“We are developing a novel class of drugs that harnesses the body’s first line of defence against pathogens to combat cancer” said Dr. Aditya Kulkarni, Chief Scientific Officer, Avammune. “These highly effective drugs can potentially overcome the resistance to current drugs and due to their chemical nature can be taken by the patient as oral tablets and can be far more affordable than biological drugs.” he added.
“The need for dedicated funding in the public health, therapeutic, preventive and curative medicine segment is underscored time and again by people, government and companies. Given that the antibodies market will grow by 20x in upcoming decade, it just shows that companies like Avammune will only scale up. By helping them raise funds they can boost their R&D, innovate and focus on the development of drugs especially for treating cancers and autoimmune diseases”, affirmed Pooja Mehta, CIO, JITO Angel Network
Speaking on the funding Arun B. Papaiah, Chief Executive Officer, Avammune said, “Avammune’s technology platform has been validated in various animal models and is gearing up for safety studies. With the influx of funding, we are hoping to complete these safety studies and are gearing up for partnerships for entering clinical testing next year. This latest round of funding will also allow us to further strengthen our diversified pipeline of drugs for cancers and autoimmune diseases. It is a pleasure working with JITO Angel Network who join existing and other new investors and are excited to bring them on board as partners”.
Till date JITO Angel Network has helped raise over INR 100+ cr for over 55 companies in India.
About Avammune:
Avammune is in advanced discussions with Pharma and biotech companies for partnering for clinical translation of the assets and in parallel with strategic investors for taking the assets through clinical testing independently.
About JITO Angel Network:
About JAN – A premium community based organization which invests in Budding entrepreneurs and supports them by leveraging the Jain community platform made by Jain International trade organization. JITO Angel Network have invested in multiple companies and have got multiple exits in the last 6 months giving handsome returns to its investors. Network has till date has a strong portfolio of 56+ companies where 25+ have raised Up rounds and follow-on rounds
This article was shared with Prittle Prattle News as a Press Release.
