AC BioScience announces a License Agreement with Texas-based Lexicon Pharmaceuticals Ltd. and closes third Seed Round for CHF 0.8 million.
AC BioScience, a Lausanne-based biotech company, pioneering the development of novel therapies in immune-oncology and tumor vascular normalization, announced the conclusion of a License Agreement with Lexicon Pharmaceuticals Ltd. and the closure of a third Seed Round.
Under the terms of this agreement signed in December 2020, Lexicon grants a right-of-use of all its preclinical, CMC and clinical data for its proprietary drug LX3305, a Sphingosine 1-phosphate lyase inhibitor, to AC BioScience for its oncology applications. This agreement will permit our company to seek approval from EMA to proceed directly to Phase 2 clinical trials. The medical objective is to validate and bring to clinical use, a novel approach to improve the treatment of metastatic pancreatic adenocarcinoma using a proangiogenic molecule S1P lyase inhibitor acting as a tumor vascular normalizer.
Meanwhile, the company successfully closed its third Seed Round for CHF 0.8 million which brings the total amount in the Seed Round to CHF 2.8 million. This bridge funding precedes a planned Series A Round in mid-2021 to fund the planned two clinical trials in 2021/22.