argenX spinoff secures series A extension to fight blood cancer

Colorado, USA-based OncoVerity announced the closing of a series A extension led by existing investors, argenX and RefinedScience. The value was not disclosed, but this extension follows a $30 million Series A fundraiser in March 2023.

OncoVerity is a spin-off from Belgian immunology company, argenX Euronext: ARGX), that combines multi-omics and a comprehensive, highly curated database of acute myeloid leukemia (AML) patient data to identify and develop novel therapies for AML and other cancers. OncoVerity’s lead candidate is cusatuzumab – a first-in-class, high-affinity monoclonal anti-CD70 antibody – that the company in-licensed from argenX.

The proceeds from the series A extension will fund the Phase II OV-AML-1231 trial of cusatuzumab in combination with Roche’s (ROG: SIX) Venclexta (venetoclax) and azacitidine for the treatment of newly diagnosed AML. The trial is enriched for patients who show potential for responding to a cusatuzumab-based regimen, as informed by OncoVerity’s computational approach to guide its development. The first eight patients in the trial have been dosed, and additional patient enrollment is currently underway. While OncoVerity’s sole focus is currently in AML, the biotech says it will be exploring other indications in the future.