Karyopharm Therapeutics Secures $19 Million Series B Financing
Additional funds to expand the clinical development of Selinexor (KPT-330), including planned Phase 2/3 clinical trials. Total Series B commitment exceeds $67 million
Natick, Mass, July 31, 2013 -- Karyopharm Therapeutics Inc., a clinical-stage pharmaceutical company focused on developing first-in-class nuclear transport modulators for the treatment of cancer and other major diseases, today announced that it has raised $19 million in a Series B1 financing. This adds to the $48.2 million Series B round announced in May 2013. The funds are expected to be used to broaden the scope of the development of the Company's lead product candidate Selinexor (KPT-330), a potent, oral, Selective Inhibitor of Nuclear Export (SINE) that inhibits the protein exportin 1 (XP01). Selinexor is being evaluated in multiple Phase 1 clinical trials enrolling patients with various advanced hematological and solid tumors. The Series B1 round was led by new investor Foresite Capital Management, with additional participation by New Leaf Venture Partners and one other top-tier institutional investor, and by current investor, Delphi Ventures.
"We plan to use this latest capital infusion to broaden the development of our first-in-class oral drug candidate Selinexor into multiple diseases beyond our planned phase 2/3 studies," stated Michael Kauffman, M.D., Ph.D, Chief Executive Officer of Karyopharm. "We appreciate the support we have received from our current and new investors and their belief in the potential of the SINE platform as a source of novel therapeutics."
Karyopharm is currently testing Selinexor in two separate Phase 1 clinical trials in patients with relapsed or refractory hematological malignancies and advanced or metastatic solid tumor, malignancies, along with a Phase 1b food-effect study in patients with refractory sarcomas. Data from the solid tumor malignancy trial was presented at the 2013 American Society of Clinical Oncology (ASCO) annual meeting. In this trial we found that Selinexor was generally safe and well tolerated as a single agent and evidence of clinical efficacy in heavily pre-treated patients with advanced or metastatic solid tumors even at low dose levels was observed. Karyopharm expects to present data from the hematological malignancy trial later this year and plans to initiate Phase 2/3 clinical trials with Selinexor in the first half of 2014.
"Karyopharm's Selinexor is the first oral SINE antagonist to enter human studies and we believe it has the potential to be an important advance in the fight against many cancers," said Jim Tananbaum, Managing Director of Foresite Capital Management. "We have been following Karyopharm's progress for some time and are particularly interested in the breadth of responses seen in end stage patients. We are optimistic about Karyopharm's progress to date, and the broad potential of Selinexor."
Karyopharm Therapeutics Inc. is a clinical-stage pharmaceutical company founded by Drs. Sharon Shacham and Michael Kauffman and has emerged as a leader in the new field of nuclear transport modulators. Karyopharm's Selective Inhibitors of Nuclear Export (SINE) function by trapping multiple tumor suppressor proteins in the nucleus. Preliminary evidence of anti-tumor activity across multiple tumor types has been observed. Karyopharm's lead SINE product candidate Selinexor (KPT-330) is in three Phase 1 clinical trials for advanced solid tumor and hematologic malignancies. The related SINE Verdinexor (KPT-335) has completed a pivotal study as an oral treatment for dogs with Non-Hodgkin's Lymphoma, one of the most common canine cancers. The Company is also testing SINEs in autoimmune, viral and dermatologic disorders. Karyopharm is located in Natick, Massachusetts.