Enumeral Biomedical Corp. has struck a deal with Cerulean Group, a subsidiary of Enumeral Biomedical Holdings, Inc., in a move that will give the establishment a whopping USD 21.5 million in financial assistance and access to public markets.
The agreement will give a boost to the biotech startup by paving way for the commencement of its early-stage work on cancer immunotherapies.
“With this financing, we believe we are well capitalized to continue developing important new medicines through our discovery platform,” said Arthur H. Tinkelenberg, President, CEO and Co-Founder of Enumeral.
The shares of the company’s common stock are being currently listed as ‘ENUM’ on the OTC Markets.
According to the company, it has already made debut into five proof-of-concept collaborations with leading drugmakers, whose names are still undisclosed.
Market watchers say the prospect of the company is positive as it holds enough cash in hand along with its name listing on OTC market. Meanwhile, the company says it is exploring for new partners who will take its internal candidates out to the clinic from the company’s lab.
“Given the strong interest in immuno-oncology and immunotherapy generally, we look forward to developing our internal programs, entering into collaborative partnerships and reaching value inflection points as we advance drug candidates toward clinical development,” Tinkelenberg said.
According to the insiders from the company, Enumeral aims to use the cash for continued development of internal programs, along with new discoveries and validations of pre-clinical testing, immunomodulatory antibody drug candidates and out-licensing of internal programs.
“Our technology is applicable across the immunotherapy landscape. We believe it can significantly accelerate drug discovery timelines compared to more conventional antibody discovery platforms and reinforces the Company’s large market potential,” said John J. Rydzewski, Executive Chairman and Co-Founder.
The company is presently exploring and developing novel antibody therapeutics that they believe will make the immune system stronger to attack diseased cells, also called immunomodulators. Moreover, it also aims to employ novel technologies that are exclusively licensed and promoted by Harvard University, Massachusetts Institute of Technology, Massachusetts General Hospital and Whitehead Institute for Biomedical Research.