This article has been corrected to note that Obsidian raised $115 million in Series B financing and name Bristol Myers Squibb as an existing investor.
NEW YORK – Obsidian Therapeutics on Wednesday said it raised $160.5 million in a Series C financing to support development of its tumor-infiltrating lymphocyte, OBX-115, as a treatment for melanoma and non-small cell lung cancer.
Wellington Management led the financing with participation from new investors including Foresite Capital, Janus Henderson Investors, Novo Holdings A/S, Paradigm BioCapital, RTW Investments, funds and accounts advised by T. Rowe Price Associates, and Woodline Partners LP. Existing investors including Bristol Myers Squibb and others also participated in the financing.
OBX-115 is genetically modified to produce membrane-bound IL-5, eliminating the need for patients to receive IL-2 infusions with the treatment.
Cambridge, Massachusetts-based Obsidian is conducting two clinical trials of OBX-115. In a Phase I/II trial, researchers are evaluating the safety, tolerability, and preliminary efficacy of the product in patients with advanced or metastatic melanoma resistant to immune checkpoint inhibitors and patients with relapsed or refractory metastatic non-small cell lung cancer.
In a Phase I trial, Obsidian is assessing OBX-115 as a treatment for patients with advanced or metastatic melanoma who have previously received checkpoint inhibitors and a BRAF inhibitor with or without a MEK inhibitor. The investigators are tracking safety and tolerability of OBX-115 as the primary endpoint of the trial and measures of efficacy, including progression-free survival, duration of response, and overall response rate.
Obsidian CEO Madan Jagasia said in a statement that the financing will fund the company's programs through clinical readouts in melanoma and will support expansion of clinical development into NSCLC.
In September 2021, Obsidian raised $115 million in a Series B financing round, which enabled the company to advance OBX-115 into clinical development.