Intezyne Technologies Raises $10M Series A

Posted by on Oct 9, 2017

TAMPA, FL. – Intezyne Technologies raised $10 million in an oversubscribed series A round led by existing investor Gaston Capital Healthcare Fund (GCHF). Undisclosed high-net-worth investors and family offices also participated.

CFO E. Russell McAllister told BioCentury that investors received preferred shares with an 8% paid-in-kind dividend, a liquidation preference and undisclosed benefits. He said the round’s initial target was $8 million, and that the company expects the funds to last a year.

McAllister said Intezyne plans to begin raising a $30 million series B round in November, and hopes to close the round by mid-2018.

Oncology-focused Intezyne has two clinical-stage therapies in its pipeline. It anticipates pharmacokinetic data this year from a Phase I/II trial of IT-141 to treat recurrent or refractory solid tumors. The company also intends to begin Phase I/II combination trials in 2Q18 to evaluate IT-139 in patients with pancreatic cancer, gastric cancer and, as funds allow, BRAF-mutated cancers.

IT-141 is a nanoparticle formulation of topoisomerase I (TOP1) inhibitor SN-38 encapsulated in a stabilized polymer micelle. IT-139, which has Orphan Drug designation in the U.S. to treat pancreatic cancer, is a transferrin targeted ruthenium-based small molecule that downregulates heat shock 70 kDa protein 5 (glucose-regulated protein, 78kDa) (HspA5; GRP78).

Since its incorporation in 2008, Intezyne has raised a total of $34 million to date, including $31 million in equity. Prior investors included local high-net-worth investors, McAllister said.

Gaston chief investment officer Glenn Walthall told BioCentury Intezyne is the first oncology-focused company in which his firm has invested. Other healthcare companies in Gaston’s portfolio focus on bone screws, medication adherence monitoring technology, and total joint replacement implants.

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