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Asylia Therapeutics Inc. raised $14.5 million

Asylia Therapeutics Inc. raised $14.5 million to advance its clinical trials for cancer drugs. The Series A round was led by Houston-based Sporos Bioventures, Asylia announced May 25.The company will use income to bring Asylia’s assets to first-in-human clinical trials for oncology. Asylia Therapeutic Inc can generate proof-of-concept signals for its clinical assets in treating autoimmune diseases like lupus, the firm said.

Dr. Robert Orlowski, co-founder of Asylia Therapeutics said that the cancer research has come a significant way with the approval of the first wave of immunotherapies, many patients do not respond to checkpoint inhibitors and need different options. The platform is now transformed into an antibody therapeutic with incredible anti-tumor activity across a wide spectrum of established cancer models. The firm looks forward to working to advance this discovery into a new hope for patients and families affected by certain cancers.

Asylia also announced the appointment of Karthik Radhakrishnan as the company’s founding CEO in connection with the Series A financing. Radhakrishnan is a Houston-based biotech executive who served as CFO of The Woodlands-based Opexa Therapeutics Inc., which merged with Cambridge, Massachusetts-based Acer in 2017. Asylia Therapeutics Inc was founded in 2019 but did not have a CEO until now.

The Houston based biotech company’s investor Sporos Bioventures emerged from stealth mode earlier in May with $38.1 million in funding. The company was founded by a group of biotech executives, entrepreneurs, academic scholars and investors aiming to develop breakthrough therapies targeting cancer and immune diseases. Sporos Bioventures launched with four entities in its pipeline, including Asylia. The three other entities in the pipeline are Nirogy Therapeutics, Stellanova Therapeutics and Tvardi Therapeutics, a Houston-based biopharmaceutical firm.

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