CHESTERBROOK, PA — Persevere Therapeutics, Inc., a clinical-stage oncology biotechnology company, announced its launch following a period of stealth operations and the initial close of a seed financing round.
The company said it has acquired the clinical-stage drug candidate misetionamide (GP-2250) and related assets from Geistlich Pharma AG.
Seed funding proceeds will support a Phase 1b/2a proof-of-concept clinical trial evaluating misetionamide in patients with platinum-resistant ovarian cancer.
Founder and Chief Executive Officer Greg Bosch said the company’s focus is advancing the therapy for patients with difficult-to-treat cancers.
“We named the company Persevere as an enduring reminder that we must ‘Never Give Up’ on behalf of cancer patients, who persevere every day,” Bosch said.
Misetionamide is a small-molecule drug designed to inhibit two oncogenic transcription factors, c-MYC and NFκB, which are involved in tumor cell metabolism, growth, and survival.
The drug has previously been studied in a Phase 1 clinical trial involving 56 cancer patients.
Dr. Robert Coleman, a gynecologic oncologist with Texas Oncology and chief medical officer at Vaniam Group, said new treatment options are needed for platinum-resistant ovarian cancer.
“Platinum resistant ovarian cancer remains one of the most challenging and underserved areas in gynecologic oncology, leaving patients with limited effective options and a poor prognosis,” Coleman said.
Persevere said prior development work on misetionamide includes preclinical research, regulatory approvals under two investigational new drug applications, and multiple scientific publications.
The company said it is continuing discussions with investors to complete the remaining allocation of the seed round.
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