PACT Pharma, a San Franscisco based startup that fights cancer with next generation T cell therapies, announced it has closed on its latest funding round.
The round, led by Vida Ventures, raised an oversubscribed $75 million in Series C financing. Vida is a next generation life science venture firm with experience in cell and gene therapy.
PACT will combine this with its earlier proceeds to expand the scope of its clinical plan to investigate NeoTCR-T cell products which target multiple neo-antigens for a variety of solid tumor types. PACT will also open a next-gen GMP manufacturing facilty in South San Francisco to support end-to-end production and supply chain for engineering personalized neo-antigen-targeted autologous T cells.
“PACT has grown from company launch to opening its first-in-kind clinical trial in two years. Our progress has been exhilarating and the support from our existing investors has made that progress possible,” said Alex Franzusoff, PhD, Chief Executive Officer of PACT Pharma, in a statement. “As we look to the next stage of our development and expansion of our clinical programs, we are excited to have interest from a new group of prominent investors who both understand the potential of NeoTCR-T cell therapy and have direct experience in the space. Vida Ventures stood out as a partner of choice, given their depth of operational experience in research, clinical development and manufacturing in cell therapy as well as their proven ability to guide companies like Kite and Allogene across key stages of development.”
As part of the deal, Vida Venture’s Helen S. Kim, Managing Director, will join the Company’s Board of Directors. Kim has more than twenty five years of biotechnology leadership experience and serves on the boards of Assembly Biosciences, Applied Molecular Transport, A2 Biotherapeutics and Exicure, Inc.