Business
Hofseth Biocare ASA: AECORBIO SECURES A FURTHER $1.5M AT A $30M VALUATION FOR ONGOING FT-002A PEPTIDE DEVELOPMENT IN PROSTATE CANCER
AecorBio Inc., formerly known as HBC Immunology Inc, has successfully completed a further equity financing round of $1.5m from existing and new investors at a company valuation of $30 million. This funding will enable AecorBio to complete the investigational work of its lead peptide candidate FT-002a, in advanced prostate cancer, to enable an Investigational New Drug (IND) application with the U.S. Food and Drug Administration (FDA) in 2026. Filing the IND will represent a critical milestone, pa
About this update from Hofseth Biocare Asa
[{"type":"image","alt":"Hofseth Biocare ASA","displaySize":"","headline":null,"caption":"Hofseth Biocare ASA","className":"","disableSlideshowImg":false,"size":{"original":{"width":300,"height":89,"url":"https://media.zenfs.com/en/globenewswire.com/e6eeab71f70356cc48046edfaa6b96f2"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/d3X3Kf.TCy_ExyT_flroVQ--/YXBwaWQ9aGlnaGxhbmRlcjt3PTQyMDtoPTEyNTtjZj13ZWJw/https://media.zenfs.com/en/globenewswire.com/e6eeab71f70356cc48046edfaa6b96f2","width":300,"height":89}},"lazy":false},{"type":"text","content":"AecorBio Inc., formerly known as HBC Immunology Inc, has successfully completed a further equity financing round of $1.5m from existing and new investors at a company valuation of $30 million. This funding will enable AecorBio to complete the investigational work of its lead peptide candidate FT-002a, in advanced prostate cancer, to enable an Investigational New Drug (IND) application with the U.S. Food and Drug Administration (FDA) in 2026. Filing the IND will represent a critical milestone, paving the way for AecorBio to transition FT-002a into clinical development, as a co-therapy in the management of advanced prostate cancer.","length":637,"tagName":"p"},{"type":"text","content":"FT-002a is a first-in-class peptide co-therapeutic for the treatment of advanced prostate cancer. Advanced prostate cancer affects more than 250,000 men annually in the U.S alone. Unlike conventional treatments, FT-002a resets tumor iron metabolism by restoring iron-responsive gene expression homeostasis. An increased labile iron pool (LIP) is a critical driver of tumor growth, spread and resistance to therapy. FT-002a restores LIP balance and tumor sensitivity to ARPI treatment, by helping starve the tumor cells of free iron. The current addressable market for resistant prostate cancer is more than $2.5b annually and the total ARPI market is in excess of $10b a year and continues to show sustained, strong annual growth.","length":730,"tagName":"p"},{"type":"text","content":"Compelling preclinical data supports the modulation of tumor iron metabolism by FT-002a. In animal models of resistant prostate cancer, FT-002a orally delivered in a proprietary formulation achieved an 80% reduction in tumor volume when co-administered with the current standard of care, the ARPI enzalutamide (Pfizer), compared to enzalutamide alone. In hormone ...