Verismo Therapeutics Advances CAR T Cell Therapies with Significant Funding and Partnerships
Verismo Therapeutics, a pioneering biotechnology company focused on developing innovative CAR T cell therapies for solid tumors, has made significant strides in securing funding to advance its clinical trials and research initiatives. The company, which operates as a University of Pennsylvania spinout, has successfully raised substantial capital through multiple funding rounds, underscoring its commitment to revolutionizing cancer treatment.
In February 2023, Verismo Therapeutics announced a $7 million pre-Series A funding round led by BRV Capital Management, a renowned investor in blue-chip biopharmaceutical companies. This investment marked a total of $33 million raised by the company since its inception in 2020. The funds were primarily allocated to advance the clinical trial for SynKIR-110, a therapy designed to treat aggressive solid tumors such as mesothelioma and ovarian cancer. Additionally, the proceeds supported preclinical development for SynKIR-310, aimed at treating diffuse large B-cell lymphoma, and laid the groundwork for future therapeutic advancements.
Building on this momentum, Verismo Therapeutics secured an additional $17 million in a second pre-Series A round in July 2023. This round was co-led by DongKoo Bio, HLB Innovation, and HLB, bringing the company’s total funding to $50 million. The new investment was earmarked to support multiple programs targeting both solid and liquid tumors, including the ongoing clinical trial for SynKIR-110 and preclinical development for SynKIR-310. The SynKIR-110 trial assesses the safety, tolerability, and preliminary efficacy of the product in patients with mesothelin-expressing ovarian cancer, cholangiocarcinoma, and mesothelioma.
Verismo Therapeutics’ innovative approach to cancer treatment centers on its KIR-CAR T cell therapy, which leverages a patient’s own immune cells to combat cancer. This therapy involves genetically re-engineering T cells to recognize and attack cancer cells, which are then injected back into the body to search for and destroy cancer cells. The company’s KIR-CAR platform technology, inspired by natural killer (NK) cell receptors, is designed to overcome the limitations of first-generation CAR T cell therapies, particularly in treating solid tumors.
The company’s strategic partnerships have also been instrumental in its growth. Verismo Therapeutics expanded its research and development partnership with Penn Medicine, including a clinical cell manufacturing collaboration with the Clinical Cell and Vaccine Production Facility (CVPF) at the Perelman School of Medicine. This partnership facilitated clinical testing and potential use in a Phase I clinical trial to be conducted at Penn.
In a significant development, Verismo Therapeutics completed a merger with HLB Innovation in December 2024, becoming a wholly-owned subsidiary of the South Korean publicly traded company. This merger is expected to accelerate the clinical development of SynKIR-110 and SynKIR-310 for solid tumor and blood cancer patients, respectively. The integration with HLB Innovation, part of the HLB Group, which has a diverse portfolio spanning biopharma, medical devices, healthcare, lifestyle, and other sectors, will leverage the group’s dynamic bio-ecosystem to enhance Verismo’s resources and rapidly advance its clinical pipelines.
Verismo Therapeutics’ commitment to advancing its KIR-CAR platform technology reflects its mission to address areas of high unmet medical need, including advanced solid tumors and B cell-associated disorders and malignancies. With its innovative approach and strategic partnerships, the company is well-positioned to bring transformative therapies to patients worldwide.
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