citybiz+ UPenn Spinoff Verismo Receives $4M From Nonprofit to Advance Cancer Therapies

Philadelphia-based Verismo Therapeutics, a clinical-stage biotechnology company, has announced a $4 million strategic investment from the nonprofit Institute for Follicular Lymphoma Innovation to advance treatment options for follicular lymphoma, a form of cancer originating in the follicles of lymphoid tissues.

The partnership aims to enhance Verismo’s SynKIR-310 pipeline and provide catalytic investment for the pipeline’s follicular lymphoma unit, the company said. The investment over a period of three years will help Verismo enroll more follicular lymphoma patients.

Verismo, which was spun out of the University of Pennsylvania, was in December acquired by South Korea-based HLB Group, a listed company that earlier owned a 50% stake. With a market cap of nearly $7 billion, HLB is one of South Korea’s largest life sciences companies.

Two of Verismo’s co-founders — Michael Milone and Donald Siegel — are researchers at the University of Pennsylvania, while the third, Bryan Kim, is its CEO.

“This funding will enable us to expedite the clinical development of our SynKIR-310 program, which is currently in Phase 1 clinical trial. IFLI’s support will enable us to bring our novel therapies to FL patients more quickly and efficiently,” said Kim, who has led multiple biotechnology firms in his native South Korea as well as in the United States.

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Michel Azoulay, the foundation’s chief medical officer, said the California nonprofit expects the positive Phase 1 “safety and preliminary efficacy data will support accelerated clinical development in FL for patients not responding to first line immunotherapy as well as exploration in additional NHL.”

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Using its multi-chain KIR-CAR technology, Verismo develops so-called CAR T cell therapy for the treatment of solid tumors. It is in Phase 1 clinical trials for its first two therapies, dubbed SynKIR-110 and SynKIR-310. One targets solid tumors seen in ovarian cancer and mesothelioma, while the other addresses relapsed non-Hodgkin lymphoma. The company says its KIR-CAR platform was developed specifically to address unmet needs, including advanced solid tumors and disorders and malignancies linked to B cells.

“Verismo is led by world-class researchers in the CAR-T field, including Carl June, a strong candidate for the Nobel Prize, and Mike Milone, a co-founder of Verismo, who co-developed Kymriah,” Kim Hong-cheol, co-CEO of HLB Innovation, said when the company completed its acquisition of Verismo. “If the interim results for the solid tumor Phase 1 trial are confirmed next year, we expect a significant improvement in our corporate value.”