Affini-T Therapeutics, a spin-out of the Fred Hutchinson Cancer Research Center, raised $175 million in initial financing. The company is focused on using T cells against mutations that drive cancer.
Geekwire.com
Affini-T Therapeutics, a spin-out of the Fred Hutchinson Cancer Research Center, raised $175 million in initial financing. The Seattle-based Fred Hutch invested in the company, the first time it has directly financed a company.
The oversubscribed financing was co-led by Vida Ventures and Leaps by Bayer. Additional investors included Humboldt Fund, The Parker Institute for Cancer Immunotherapy, Catalio Capital Management, Agent Capital, Alexandria Venture Investments, Erasca Ventures, Fred Hutch and other “leading blue-chip life science investors.”
The company is focused on using T cells against mutations that drive cancer. The proceeds will be used to operationalize the company’s platform discovery engine and move multiple programs into the clinic while also seeking technology licenses to strengthen its cell therapy platform. As part of that plan, it has established a U.S. presence in Seattle, Washington, with headquarters and manufacturing facilities in Boston.
“By targeting oncogenic drivers like mutated KRAS, we strike at the core genetic mutations that enable tumors to grow and spread,” said Jak Knowles, MD, co-founder, president and chief executive officer of Affini-T. “Our differentiated platform combines highly active TCRs with unique synthetic biology, allowing us to pioneer novel therapeutic approaches intended to eradicate solid tumors. With proven management, an unparalleled founding team of scientific innovators and leaders in immunology and cellular engineering, we look forward to bringing life-changing medicines to patients in need.”
Knowles was previously co-founder and chief executive officer at Exonics Therapeutics, co-founder and chief business officer at Metagenomi, and vice president, Venture Investments at Leaps by Bayer. Loic Vincent will be the chief scientific officer; Kim Nguyen, chief technical officer; and Kathy Yi, chief operating officer.
The company’s scientific advisory board includes Jim Allison, Nobel Laureate, MD, Anderson Cancer Center; Dr. Pam Sharma, MD, Anderson Cancer Center; Rafi Ahmed, Emory University; David Kranz, University of Illinois; and Susan Kaech, Salk Institute. Company scientific co-founders include Philip Greenberg, Aude Chapuis and Thomas Schmitt, all with Fred Hutch.
The company’s approach is not unlike that of CAR T therapies. Affini-T’s platform involves manipulating immune T cells to recognize cancer cells and then infusing them into the patient. The differentiator is Affini-T’s ability to make cells live longer, lasting in the body longer to kill cancer cells. It also increased the anti-tumor response by adding CD8 to cells.
“I believe we have a therapy now that really has a huge likelihood of being successful,” co-founder Philip Greenberg, MD, Fred Hutch head of immunology, told GeekWire. Greenberg previously co-founded Juno Therapeutics, which Celgene acquired in 2018 for more than $9 billion. Bristol Myers Squibb then acquired Celgene in 2019 for $74 billion.
“Curing and preventing cancer is one of the core focus areas of Leaps by Bayer, as this disease still represents one of today’s most pressing health concerns,” said Juergen Eckhardt, MD, head of Leaps by Bayer. “This is especially true for some difficult-to-treat solid tumors such as pancreatic, lung or colorectal cancer. Addressing KRAS represents a unique opportunity in the development of therapies that promise to address previously untreatable and incurable cancers and we are very excited about the potential of Affini-T’s technology platform.”
Affini-T currently has 57 employees in Boston and Seattle but is actively recruiting. Knowles indicated, “Cell manufacturing is currently taking place at Fred Hutch, but ultimately the company plans to build out its own facility.”
