Accele Venture Partners Invests $1 Million in Pamlico BioPharma for Fully-Human Monoclonal Antibodies for Infectious Disease and Cancer
Oklahoma City, OK – Pamlico BioPharma, Inc., a research-stage biopharmaceutical company committed to developing fully-human monoclonal antibody therapeutics and point-of-care diagnostics, announced a second closing of a $1.0 million convertible debt financing. Accele Venture Partners, the investing arm of life sciences accelerator Accele Biopharma, Inc., led the financing. Proceeds of the financing will be used to advance Pamlico’s research and development of fully-human monoclonal antibodies for infectious disease and cancer, particularly the company’s lead program in Streptococcus pneumoniae, called Pneumomab.
Clayton Duncan, Accele Biopharma CEO, stated, “Accele is dedicated to supporting groundbreaking approaches to improve human healthcare. We believe Pamlico has an integral technology to enable programs for a wide range of infectious diseases and cancer using fully-human monoclonal antibodies. These products have the potential to address the growing need for novel approaches to treat life-threatening infections caused by drug resistant bacteria such as pneumococcal pneumonia, which affects more than 900,000 people in the U.S. alone each year.”
Pneumomab is targeted at S. pneumoniae, recently classified as a “Qualifying Pathogen” under FDA’s recent GAIN Act to accelerate development of anti-infectives. If PneumoMab is indeed registered as a “Qualified Infectious Disease Product,” it would confer Fast-Track status on the product, and an additional 5 years of market exclusivity.
About Streptococcus pneumoniae and Pneumococcal Pneumonia
In the United States and Europe, Community-Acquired Pneumonia (CAP) caused by SPN affects over 50% of the more than 5 million cases, 1.1 million hospitalizations, 170,000 ICU admissions, and 68,000 deaths annually, and is subject to increasing concern related to multi-drug (beta-lactam and macrolide) resistance strains. Severe SPN-related CAP (PSI grade IV-V) has a 20-40% mortality rate. Patients over 65 years old represent 65% of hospitalizations and over 90% of deaths from pneumonia, and vaccination rates in adult patients are under 60%, leaving more than 70 million US adults unvaccinated to SPN.
About Pamlico BioPharma, Inc.
Pamlico BioPharma develops fully-human monoclonal antibody (hmAb) therapeutics for the rapid diagnosis and treatment of infectious diseases and cancer. Pamlico’s lead program is focused on severe pneumonia caused by Streptococcus pneumoniae (SPN), and is in preclinical IND-directed activities for a mAb cocktail and a companion point-of-care (POC) diagnostic against three serotypes that account for over 40% of SPN infections. Pamlico was founded on technologies from the Oklahoma Medical Research Foundation (OMRF) and from Emory University, and is anticipated to enter clinical trials in late 2015.
For additional information please visit www.pamlicobio.com.
About Accele Biopharma, Inc. (Accele) and Accele Venture Partners I, LP (AVP)
Accele Biopharma, Inc., and Accele Venture Partners I, LP, a related special purpose venture fund, were formed to create a capital-efficient mechanism to identify, finance and manage groundbreaking, early-stage life science technologies that have the potential to dramatically improve human healthcare, have strong commercial promise and have the potential for generating early proof of concept data. To achieve this goal Accele has assembled an experienced management team, a group of sophisticated investors, a nationally recognized advisory board, leading research facilities and the broad scientific expertise necessary to evaluate and manage such opportunities. Founded in 2011, Accele is located on the University of Oklahoma Health Sciences Center Research Park in Oklahoma City.
For more information on Accele Biopharma, please visit www.accelebio.com.