LIfT BioSciences, a rapidly emerging biotech company about to start clinical trials for its first-in-class allogeneic innate cell therapy, announces it has successfully raised £10 million in the first close of a Series A financing with the second close scheduled for Q1 2025. The financing round was supported by new investor the Sijbrandij Foundation and existing investors Lifespan Vision Ventures, Starbloom Capital and Jonathan Milner.
LIfT is developing a breakthrough allogeneic innate cell therapy platform called Neutrophil Only Leukocyte Infusion Therapy (N-LIfT), that produces a new type of myeloid cell called Immunomodulatory Alpha Neutrophils (IMANs). IMANs are a type of super enhanced neutrophil with a unique dual mode of action that can kill cancer cells both directly and indirectly, through recruiting the patient’s own immune cells by modulating the tumour microenvironment (commonly known as turning “cold” tumours “hot”). The cells are long-lasting and are capable of creating an immune cascade reaction to solid tumours. IMANs kill tumour antigen escape variants that can otherwise form treatment resistant metastasis that are responsible for 90% of solid tumour cancer deaths. The company aims to overcome solid tumour treatment resistance by replacing the pro-tumour immunosuppressive Tumour Associated Neutrophils (TANs), which dominate the Tumour Micro-Environment, with LIfT’s powerful anti-tumour IMANs. By achieving this, the Company aims to more than double patient response to targeted therapies such as checkpoint inhibitors, a $43 billion market, and antibodies including bi-specifics.
The funds raised will be used to advance the Company’s IMANs into clinical trials through a Phase I Investigator Initiated Trial with Galway University. The objectives of this study will be to demonstrate that IMANs are safe and well tolerated and can successfully recruit other immune cells inside the tumour to improve immune infiltration, a major obstacle in the treatment of cancer. The proceeds will also allow LIfT to further develop its N-LIfT platform to secure partnering and licensing agreements with pharmaceutical companies.
Alex Blyth, Chief Executive Officer of LIfT BioSciences, commented: “This successful raise in the first close of our Series A marks a key step toward our plans to advance our IMANs into clinical trials. With the strong pre-clinical data that that we continue to amass, we believe that our N-LIfT platform can make a real difference in cancer and other disease areas. We continue to progress discussions with pharma companies to secure potential licensing and partnership deals to that end. I would like to thank our investors for their ongoing support and look forward to providing further updates as we move towards clinical trials.”
SOURCE: GlobeNewswire