SCARSDALE, NY--(Marketwired - July 12, 2016) - Sapience Therapeutics, Inc., a biotechnology company focused on developing novel therapeutics to address difficult to treat oncology indications, announced that it has raised $22.5 million in a Series A financing. Sapience issued shares of its common stock in the financing.
The proceeds of the financing will fund the development of Sapience's lead drug candidate, ST-36, which selectively targets a protein that promotes the growth of many types of tumors, including an aggressive type of brain cancer called glioblastoma (GBM).
The financing was led by Eshelman Ventures, with additional participation from Celgene Corporation, TaiAn Technologies Corporation and Healthlink Capital. Columbia University, which licensed its intellectual property to Sapience, is also a shareholder in the company.
Dr. Barry Kappel, chief executive officer and founder of Sapience Therapeutics, stated, "We are pleased to have the financial support of Eshelman Ventures, as well as a team of highly experienced advisors and directors, to guide us in the development of this potentially transformative cancer drug. Having this level of support speaks to the promise of the compound we licensed from Columbia University and the significant need for therapeutics to address some of the most serious and deadly types of cancer, such as GBM."
Maxim Merchant Capital Group, a division of the Maxim Group LLC, acted as exclusive placement agent for the financing.
About Sapience Therapeutics
Sapience Therapeutics, Inc., is a privately held, preclinical stage biotechnology company focused on developing novel therapeutics for major unmet medical needs, particularly high mortality cancers. Our drug development program involves translating science into novel therapies, and our initial goal is to develop a first-in-class treatment for glioblastoma (GBM), which is the most severe and deadly form of brain cancer. For more information on Sapience Therapeutics, please visit www.sapiencetherapeutics.com.
Cautionary Note on Forward-Looking Statements
This press release contains forward-looking statements, and any statements other than statements of historical fact could be deemed to be forward-looking statements. These forward-looking statements may include, among other things, statements regarding future events that involve significant risks and uncertainties. These statements are based on management's current expectations, and actual results and future events may differ materially as a result of certain factors, including, without limitation, risks related to the application of the net proceeds from the offering to Sapience's product development objectives, our ability to obtain additional funds, and meet applicable regulatory standards and receive required regulatory approvals. These are forward-looking statements, which speak only as of the date of this press release. Sapience does not undertake any obligation to update any forward-looking statements as a result of new information, future events, changed assumptions or otherwise.