Pattern Pharma, a Toronto-based immunotherapy company focused on combating cancer and infectious disease, has collected C$5 million in financing. The round’s investors were not identified. Pattern will use the funds raised in part for research and development for P2PAR-100, its lead product candidate.
TORONTO, CANADA – Pattern Pharma Inc. (“Pattern” or the “Company”) announced today that it has closed a financing round of C$5,000,000 (the “Financing”). The Company will use the proceeds of the Financing to fund ongoing research and development activities of P2PAR-100, the Company’s lead product development candidate, as well as for working capital and general corporate purposes. P2PAR-100 is a Toll-like receptor 4 (TLR4) agonist that aims to safely and effectively activate innate immunity, and which is being developed to combat cancer and infectious diseases.
“We are pleased to close this latest financing round involving a mix of new and returning investors” said Dr. Mark de Groot, Chief Executive Officer of Pattern. “We continue to execute on our plan to submit an Investigational New Drug (“IND”) Application to the US FDA, targeted to occur towards the year-end. Following IND clearance, we intend to initiate a first-in-human Phase 1b/2 study of P2PAR-100 designed to provide important safety and proof-of-mechanism biological activity data.”
The securities offered and sold in the Financing have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or any state securities laws and, accordingly, may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements. This release does not constitute an offer for sale of securities in the United States.
About Pattern Pharma
Pattern Pharma is a Toronto-based immunotherapy company focused on harnessing the innate immune system to combat cancer and infectious disease. Pattern’s lead product, P2PAR-100, is a Toll-like receptor 4 (TLR4) agonist and has been shown to be a potent immune-potentiator with broad potential applicability to oncology indications with high unmet need. P2PAR-100 has demonstrated preclinical synergy with immune checkpoint inhibition and other immunotherapies.
The mechanism of action of P2PAR-100 involves the binding of the TLRs found on the surface of innate immune cells, principally TLR4 and also TLR1/2 and TLR2/6. P2PAR-100 induces the activation of dendritic cells (“DC”) and macrophages, which in turn causes the production of pro-inflammatory cytokines and the induction of anti-tumor, anti-bacterial and anti-viral effector mechanisms. In addition, activated DCs enhance Natural Killer (“NK”) cells’ effector functions. With its deep expertise in innate immunity and TLRs, Pattern’s focus is on overcoming the limitations and challenges faced by current immuno-oncology therapies.