Plus   Neg

Pfizer Invests $120 Million In Four Clinical-stage Biotech Companies In H2 2020 - Quick Facts

Pfizer Inc. (PFE) announced Tuesday that it invested a total of $120 million in four clinical-stage biotech companies during the second half of 2020 as part of the Pfizer Breakthrough Growth Initiative (PBGI).

Through PBGI, Pfizer is investing up to $500 million in biotechnology companies, providing funding and access to Pfizer's scientific expertise to help ensure the continuity of promising clinical development programs of potential future strategic interest to Pfizer.

The first four investments of new program created to support clinical-stage biotechnology companies including companies focused on oncology, rare disease, and inflammation & immunology.

Pfizer invested $10 million in Vancouver, BC-based clinical-stage pharmaceutical company ESSA Pharma (EPIX), $25 million in Cambridge, Mass.-based clinical-stage immuno-oncology company Trillium Therapeutics (TRIL), $25 million in Cambridge, Mass.-based privately held clinical-stage company Vedanta Biosciences, and $60 million in Bedford, Mass.-based clinical-stage genetic medicines company Homology Medicines (FIXX).

Separately, Vedanta Biosciences announced that it intends to use the proceeds to fund a Phase 2 study of VE202 in inflammatory bowel disease (IBD), which it plans to initiate in 2021. Topline Phase 1 study data showed VE202 was generally safe and well-tolerated at all doses and demonstrated durable and dose-dependent colonization.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Mediterranean Food Inc is recalling its "Alqosh Sesame Oil" citing the potential to be contaminated with Salmonella, the U.S. Food and Drug Administration said. The affected Alqosh Sesame Oil "Tahin" comes in a 2Lb, clear plastic jar marked with lot # 16082020 on the side of the jar and with a Production date of 08/16/2020 stamped on the side. Twitter has filed a lawsuit against Texas Attorney General Ken Paxton, seeking to halt his ongoing investigation into the company's content moderation practices. Paxton, a Republican and supporter of former president Donald Trump, on January 13 had sent a civil investigative demand or CID to Twitter after its decision to permanently suspend Trump from the social media platform... The U.S. Food and Drug Administration granted emergency use authorization (EUA) for the first and only clinical T cell-based test for patients to detect the unique T-cell signature specific to SARS-CoV-2, the virus that causes COVID-19. The test confirms recent or prior COVID-19 infection. Developed by Adaptive Biotechnologies, T-Detect COVID Test is a next generation sequencing based (NGS) test.
Follow RTT