Crossbow Therapeutics Launches with $80 Million in Series A Financing to Advance a Novel Class of Antibody Therapies That Mimic T-Cell Receptors to Treat Cancer
Proprietary T-Bolt™ technology dramatically broadens the benefits of immunotherapy by targeting the entire universe of cancer antigens
Company led by proven industry veterans Briggs Morrison, Chief Executive Officer, and Dmitri Wiederschain, Chief Scientific Officer
Biotechnology investors MPM BioImpact and Pfizer Ventures led the financing round
CAMBRIDGE, Mass., July 11, 2023 (GLOBE NEWSWIRE) — Crossbow Therapeutics, Inc., a biotechnology company developing a novel class of potent and precise antibody therapies to treat a broad range of cancers, today announced an $80 million Series A funding round led by MPM BioImpact and Pfizer Ventures, with participation from Polaris Partners, BVF Partners, Eli Lilly and Company, Mirae Asset Venture Investment, and Mirae Asset Capital.
The Series A financing will allow Crossbow to advance the development of novel therapies that potently target peptide-loaded major histocompatibility complexes (pMHCs) on cancer cells, using antibodies that mimic T-cell receptors (TCR-mimetics). Crossbow’s development process starts with the identification, validation, and prioritization of the most promising cancer-specific targets. Using proprietary technology, the company then develops TCR-mimetic antibodies with both high affinity and specificity for cancer cells. Crossbow incorporates these TCR-mimetics into off-the-shelf, easy-to-assemble T-cell engagers and other immunotherapies. The resulting products, known as T-Bolt™ molecules (short for “tumor-bolts”), can be adapted to address a broad range of cancers. Crossbow can leverage this innovative approach to potently target the entire universe of cancer proteins.
“We aim to cure cancer,” said Briggs Morrison, M.D., Chief Executive Officer of Crossbow Therapeutics. “With unparalleled accuracy and potency, our revolutionary T-Bolt™ products strike cancer cells like a crossbow shoots bolts at its target. The influx of additional capital enables us to scale our efforts to build an arsenal of TCR-mimetic-based immunotherapies designed to overcome the limitations of current treatments.”
“Our continued investment in Crossbow Therapeutics reflects our confidence in the team’s differentiated approach to vastly expand the range of targets for immunotherapies,” commented Todd Foley, Managing Director of MPM BioImpact and Co-Founder and Chair of the Crossbow Board of Directors.
“We are impressed by the strong foundation Crossbow has built and world-class team it put together. We are excited to support the company in its efforts to transform cancer care with its innovative and far-reaching T-Bolt™ therapies,” said Irena Melnikova, Partner at Pfizer Ventures and Member of the Crossbow Board of Directors.
Crossbow was founded, seeded, and incubated at MPM BioImpact by Patrick Baeuerle, Ph.D.; Todd Foley; and Geraldine Paulus, Ph.D., who has since joined the company as its Vice President of Corporate Development and Operations. The founders assembled an international, collaborative, and passionate team with unmatched experience in inventing and developing next-generation cancer therapies. As Chief Executive Officer, Dr. Briggs Morrison brings over 30 years of pharmaceutical and biotechnology industry experience to his position, having previously served in executive roles at Syndax Pharmaceuticals, AstraZeneca, Pfizer, and Merck. Dmitri Wiederschain, Ph.D., recently joined the company as Chief Scientific Officer after previous leadership roles at Jounce Therapeutics, Sanofi, and Novartis.
About Crossbow Therapeutics, Inc.
Crossbow Therapeutics, Inc., is a biotechnology company determined to improve the lives of people with cancer by unlocking the therapeutic potential of T-cell receptor (TCR)-mimetic antibodies. The company’s T-Bolt™ therapies are next-generation, easily assembled immunotherapies directed with high precision at previously unreachable cancer cell targets. Crossbow’s efficient and selective approach is designed to target the entire universe of cancer proteins, dramatically expanding the potential of antibody therapy to address many types of cancer. For more information about Crossbow Therapeutics, visit www.crossbowtx.com.
Investor Contact:
Crossbow Therapeutics, Inc.
Geraldine Paulus, Co-Founder, Vice President of Corporate Development and Operations
Geraldine.paulus@crossbowtx.com
Media Contact:
SmithSolve
Corey Carmichael
(862) 260-7929
Corey.carmichael@smithsolve.com
