Biopharma startup Pique Therapeutics closes on first funds of ‘A’ round
Pique Therapeutics, a biopharmaceutical startup, has closed on more than $500,000 in the first part of a Series A round of venture financing.
Piedmont Angel Network and the Wilmington Investors Network led the investments.
The amount of money raised was disclosed in a regulatory filing. Pique said the first tranche was “oversubscribed” by 20 percent.
The funds will be used for clinical trials of Pique’s drug targeting lung cancer. Called PT 107, it is scheduled for a Phase II clinical trial. According to the company, PT 107 “showed a dramatic extension of overall survival” in patients suffering from late-stage non-small cell cancer.
"This funding places Pique in a strong financial position," said Christopher Meldrum, Pique’s president, in a statement. "We are delighted that investors have recognized the value of Pique's lead program, PT 107, in treating this deadly and highly prevalent form of lung cancer."
Pique is commercializing work done by Dr. Eckhard Podack, chair of the department of immunology and microbiology at the University of Miami.
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