Biotech startup Cartherics doses up on $15 million raise for cancer treatment trials

Melbourne biotech startup Cartherics has raised $15 million as it looks to begin trials of its cell therapy product for ovarian cancer.

Cartherics, founded in 2015 by Alan Trounson, Bob Moses, and doctors Richard Boyd, Ian Nisbet and Peter Hudson, is developing immune cell therapies to treat cancer and other diseases. The startup previously raised $26 million, including $19m in 2019. 

The latest funding will support the first clinical trial for CTH-401, the startup’s lead cell therapy product, aimed at treating ovarian cancer, as well as broadening its pipeline to include other disease indications.

Prof Trounson, the CEO, said that despite advancements in surgical and chemotherapy treatments for ovarian cancer, survival rates remain very low. 

“The successful capital raising, in times of scant investment support in biotechnology, is welcome and further supports confidence in the company for the delivery of effective therapies in ovarian cancer and other difficult diseases,” he said.

CTH-401 is the only “natural killer” (NK) cell product currently under development that incorporates a chimeric antigen receptor (CAR), targeting a specific antigen, TAG-72 – a marker in a range of solid tumours including ovarian, gastric, colorectal, prostate and pancreatic cancers.

Cartherics demonstrated that CTH-401 is very effective in killing ovarian cancer cells in both tissue culture and animal models.

The natural killer cell therapeutics market is valued at US$350m, with a projected compound annual growth rate 41.70% to hit US$11.4 billion over the next decade. 

The biotech company’s goal is to rearm the body’s immune system to fight cancer using an “off-the-shelf” cell platform based upon stem cells generated from donated cord blood and genetically engineered at specific “safe harbour” genomic sites to provide enhanced function for the derived NK and other immune cells. 

Cartherics chair Bob Moses said the first clinical trial is planned for 2025.

“We are eager to initiate the clinical trial for CTH-401, building on the promising results from our preclinical studies,” he said.

“This important milestone underscores our commitment to delivering innovative treatments for ovarian cancer and highlights the confidence our investors have in our vision to enhance patient outcomes and drive growth.”