CAMBRIDGE: Obsidian Therapeutics, Inc., a trailblazer in engineered cell and gene therapies, has successfully completed a $160.5 million Series C financing round.
This round was notably oversubscribed and led by Wellington Management, a new investor in the company. The funding round saw participation from a host of new investors, including Foresite Capital, Janus Henderson Investors, and Novo Holdings A/S, among others. Several existing investors also reaffirmed their commitment to Obsidian’s vision.
The influx of capital will propel the development of Obsidian’s flagship program, OBX-115, which is a cutting-edge tumor-infiltrating lymphocyte (TIL) therapy. Currently in clinical trials, OBX-115 shows promise in revolutionizing the treatment for melanoma and non-small cell lung cancer (NSCLC) patients.
Dr. Lauren Lee, Research Analyst at the Investment Manager, expressed confidence in the potential of OBX-115 to significantly improve patient outcomes. “We are pleased to support Obsidian in this Series C financing to progress the development of OBX-115,” she stated.
The company is keenly focused on patient enrollment and achieving pivotal clinical and regulatory milestones. Additionally, efforts are underway to scale up manufacturing in preparation for pivotal trial readiness.
In a strategic move, Obsidian has welcomed Dr. Ray Camahort, Partner at Novo Holdings US, to its Board of Directors. Dr. Camahort remarked on the distinctiveness of Obsidian’s engineered TIL cell therapy and its transformative potential for patients with solid tumors.
Wellington Management’s Biotech Sector Lead, Dr. Irina Margine, shared her enthusiasm for supporting Obsidian’s next growth phase, highlighting the company’s momentum with its novel cytoDRiVE technology and the advancement of OBX-115 into late-stage clinical trials.
Madan Jagasia, M.D., M.S., CEO of Obsidian, reflected on the strong investor support as a testament to OBX-115’s potential for patients with advanced melanoma resistant to treatment.
“This financing provides funding through key clinical readouts in melanoma and is the catalyst to continue expanding OBX-115 into NSCLC, where there is significant potential and high unmet need,” he concluded.