Why GV and Canaan backed Pact Pharma’s hyperpersonalized cancer approach
Pact Pharma Inc. has raised $120 million in venture financing to tackle one of the most complex forms of personalized medicine proposed to date: neoantigen-targeted T cells. Backed by Alphabet Inc.’s GV, the company is using an informatics mindset to create hyperpersonalized therapies.
The challenge will be to turn the technology into scalable products that could treat many more patients than other cell-based treatments.
Neoantigen companies have primarily focused on using tumor-specific mutations to create cancer vaccines that stoke an immune response.
Pact’s approach is more ambitious, aiming to use neoantigens as bait to fish out rare antitumor T cells from patient blood, then use information from those cells in blueprints for engineering autologous T cell therapies.
In May, Pact completed a $95.5 million series B round led by GV. Canaan Partners, AbbVie Ventures, Casdin Capital, DROIA, Foresite Capital, Invus, Pontifax, Taiho Ventures and Wu Capital also participated. The newco launched in 2016, and raised a $30 million series A led by GV in December of that year.
GV has made informatics-driven precision medicine a key theme in its portfolio; the firm has invested in genomics-based companies Foundation Medicine Inc., Grail Inc., Freenome Inc., LifeMine Therapeutics Inc. and 23andme Inc., patient data integrators Flatiron Health, DNAnexus Inc. and Owkin Inc., and neoantigen cancer vaccine company Gritstone Oncology Inc. GV has also put a stake in the ground for gene editing, joining the $120 million series B round for Editas Medicine in 2015.
Canaan, the second largest investor in the B round, was drawn by the degree to which Pact’s technology