Closely-held Soricimed Biopharma closed a $200,000 investment from the New Brunswick Investment Fund (NBIF) to continue developing its investigational SOR-13 oncology drug candidate.
“We are grateful to NBIF for their continued support, which has enabled us to develop our portfolio of drug candidates, including SOR-C13,” Robert Bruce, CEO of Soricimed, said in a statement.
“We are looking forward to receiving data from the most recent clinical trial of SOR-C13, which should provide additional insight into its efficacy,” he added.
The company and its sponsors are conducting ongoing trials of SOR-C13, including an investigator-initiated Phase 1 trial recently completed at the MD Anderson Cancer Center.
SOR-C13 targets TRPV6, a membrane calcium channel that is overexpressed in epithelial cancers and has been granted orphan drug designation by the FDA for the treatment of pancreatic and ovarian cancers.
Soricimed also has a portfolio of targeted peptide-drug conjugates and peptide receptor radionuclide therapies in preclinical development.
“We are pleased to continue support of Soricimed’s development of SOR-C13, which has the potential to address significant unmet medical needs in a very large market,” said Peter Goggin, senior investment manager of NBIF. “In addition, we see a significant opportunity for SOR-C13 because its development is a high priority as it may benefit so many patients.”