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CellCentric raised $220 million to advance trials of its multiple myeloma drug, the company announced Wednesday. 

Why it matters: The late-stage biotech is nearing a $1 billion valuation as it eyes a potential IPO next year, CEO Will West tells Axios Pro.

Follow the money: Venrock led the Series D round. Fidelity, Sofinnova Partners, HBM Healthcare, RA Capital Management, Forbion, Pfizer, Avego Bioscience Capital and American Cancer Society BrightEdge joined. 

CellCentric has now raised more than $400 million to date and has runway to 2029, West says.

How it works: The U.K.- and Boston-based biotech is developing inobrodib, a first-in-class oral p300/CBP inhibitor for multiple myeloma, a blood cancer of bone marrow plasma cells.

While bispecific antibodies are an increasingly important treatment for relapsed/refractory myeloma, some patients can't tolerate them and many eventually see their disease progress.

Inobrodib, which has FDA Fast Track and orphan drug designations, is designed for use after or alongside bispecifics.

What they're saying: "It's really building on the success of previous therapies and how they've transformed multiple myeloma," West says. But "we've got something that's totally novel that is going to make a difference in multiple myeloma."

"Early data suggests it is safe and tolerable in combination with existing therapies, unlocking the potential to be easily added across many lines of treatment," RA Capital managing partner Peter Kolchinsky tells Axios Pro. "It's what great progress looks like."

What they found: Phase 2 data presented at ASH last December showed 20 mg inobrodib plus standard multiple myeloma drugs at least doubled historical response rates in heavily pretreated relapsed or refractory patients.

West says the company has clinical evidence the drug has the potential to treat other cancers, too.

What's next: The Series D will help pay to complete an ongoing Phase 2 study in the U.K. and the U.S. and launch a Phase 3 trial this summer.

Phase 2 results are expected in 2027, while Phase 3 results should come in 2028.

What we're watching: CellCentric is likely to test the public markets next year as it looks for an exit, West says.

The company would also consider a deal with external biotech or pharma companies, he adds.

Behind the scenes: CellCentric has had "interactions" with Eli Lilly, Takeda and others, West says.

"If it makes sense to hand the baton over at some point, that's fine, but we're not chasing the deal," West says.

State of play: Dealmaking activity has recently accelerated among companies focused on rare blood and bone cancers.

Merck agreed in March to buy rare blood and bone cancer biotech Terns Pharmaceuticals in a deal valued at $6.7 billion.

And Eli Lilly agreed in April to pay up to $7 billion for Kelonia Therapeutics, the developer of a Phase 1 in vivo CAR-T therapy for relapsed/refractory multiple myeloma.

CellCentric raises $220M Series D for myeloma drug

The funding will support late-stage clinical trials.

Illustration of a gloved hand with tweezers holding a $100 bill.

CellCentric raised $220 million to advance trials of its multiple myeloma drug, the company announced Wednesday. Why it matters: The late-stage biotech is nearing a $1 billion valuation as it eyes a potential IPO next year, CEO Will West tells Axios Pro.

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CellCentric raises $220M Series D for myeloma drug

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