PCI in oversubscribed rights issue following promising clinical oncology data
This article was originally published in Scrip
PCI Biotech, a Norwegian company which reported promising results from a clinical trial in cancer earlier this year, has raised NOK90 million (£9.5 million) through a new rights issue which was oversubscribed by around 50%.
PCI's CEO Per Walday said that the capital increase would enable the company to complete the planned clinical development of up to four selected cancer indications. "When you take into account this strengthened cash position and the very promising results achieved so far in the ongoing Phase I/II study at University College Hospital (UCH) in London, we are now well positioned for the further development of both our pipeline and PCI Biotech as a company," he added.
In January, PCI reported that it had completed the treatment of the second dose group in a Phase I/II study of its photosensitiser Amphinex used in combination with the cytotoxic agent bleomycin in cancer patients. Seven patients had been given a single photochemical internalisation (PCI) treatment of Amphinex with all the treated tumours in all patients disappearing within a few weeks of treatment. Furthermore, no drug-related serious adverse events were recorded.
When activated by light, Amphinex promotes effective local delivery of a variety of therapeutic molecules (such as bleomycin), through triggered endosomal release, according to the company.
The primary objective of the UCH study is to assess the maximum tolerated dose of Amphinex, in PCI treatment using bleomycin as the test molecule. Secondary objectives include determination of the antitumour activity of the treatment, as well as the pharmacokinetics of Amphinex. The study has also been designed to include patients with as wide as possible a range of cancers and has already included sarcoma, breast, and head and neck cancer patients.
A further dose level of Amphinex is now being treated, with preliminary results expected within the month.