Cambridge-based Checkmate Pharmaceuticals announced on Wednesday that it has completed an $85 million Series C round of financing, led by Longitude Capital and Novo Holdings.
Cambridge-based Checkmate Pharmaceuticals announced on Wednesday that it has completed an $85 million Series C round of financing, led by Longitude Capital and Novo Holdings. Checkmate stated that it will use the funding to support the clinical development of CMP-001 in anti-PD-1 refractory melanoma. In addition, it will look into conducting studies for other indications, such as front-line melanoma and head and neck squamous cell carcinoma.
“We are excited about the clinical data that we have generated to date, and we believe that CMP-001 has the potential to significantly advance the impact of cancer immunotherapy for the benefit of patients with melanoma and other types of cancer,” said Barry Labinger, CEO of Checkmate. “We greatly appreciate the continued strong support from our existing investors, and we are proud to welcome additional world-class investors to help us fully achieve the promise of the program.”
CMP-001, a differentiated Toll-like receptor 9 (TLR9) agonist, is delivered as a biologic virus-like particle within the body, using a CpG-A oligonucleotide. Thus far, CMP-001 has been examined in more than 200 patients with melanoma. In clinical trials, CMP-001 in combination with anti-PD-1 antibodies appeared to improve the rate, duration, and depth of response when compared with independent data from third-party studies looking into a single agent anti-PD-1 therapy.
With funding from this latest round, Checkmate will be able to conduct more advanced studies in anti-PD-1 refractory melanoma.
“Checkmate is a compelling story of a team driven to find a viable solution for patients in the cancer immunotherapy space,” said Oren Isacoff, M.D., of Longitude Capital, who will be joining the company’s Board of Directors. “We are proud to support this team and look forward to the advancement of CMP-001.”
Checkmate is not the only company looking into making advancements in the melanoma realm. Novartis released results from its landmark COMBI-AD clinical trial at the end of May, which looked into the use of dabrafenib and trametinib in patients following the surgical removal of melanoma. The data suggested that the drugs offer a long-term and durable relapse-free survival benefit to high-risk patients diagnosed with stage III, BRAF-mutation positive melanoma. Researchers reported that 52% of study patients treated with dabrafenib and trametinib were alive and relapse-free at the five-year mark.
“We see an almost 50% risk reduction in melanoma relapse or death in the COMBI-AD data announced today, and we believe patients will find this information helpful in choosing a treatment after surgery,” said John Tsai, MD, Head of Global Drug Development and Chief Medical Officer, Novartis, at the time that the trial data was released.
According to a report published by Fortune Business Insights at the end of May, the skin cancer treatment market is expected to reach $14.55 billion by 2027. This is in part due to an increase in regulatory approvals, which are expected to contribute to market growth. Back in 2019, the market was worth approximately $8.19 billion.
The high prevalence of skin cancer globally is expected to open up potential for pharmaceutical companies across the board. According to the American Academy of Dermatology Association, one in every five people in the U.S. lives with some form of skin cancer. The numerous treatment options available, including immunotherapy and targeted therapy, will contribute to the growth of the skin cancer treatment market in the coming years, according to the authors of the report.
