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Endocyte receives $26M infusion from investors

October 16, 2009

West Lafayette-based Endocyte Inc. announced Friday that it has closed on $26 million in equity financing to help the company continue developing cancer-fighting drugs.

The latest round of financing included participation from all the company's prior institutional investors: Sanderling Ventures, Burrill & Co., American Bailey Ventures, Blue Chip Venture Co. and Triathlon Medical Ventures.

Clarian Health Ventures, the Indianapolis-based hospital system’s $25 million venture capital fund, also participated as a new investor.

“Our investors recognize the important clinical and pre-clinical progress we have made, as well as the significant potential of these technologies,” said Mike Sherman, Endocyte’s chief financial officer, in a written statement.

The company has a pipeline of drugs in development for the treatment of various cancers and inflammatory diseases, including six cancer drugs in clinical trials.

At the World Conference on Lung Cancer in San Francisco in August, Endocyte announced positive results for its lead drug, EC145, in a Phase II non-small cell lung cancer study.

The company also announced, at the annual meeting of the European Society of Gynecologic Oncology that ended Thursday, positive preliminary results for the same drug in a Phase II ovarian cancer study.

Endocyte is headquartered at Purdue University Research Park.
 

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