Rockville, MD, November 19, 2014 – BeneVir BioPharm, Inc. today announced it closed a Series A investment round with Pansend, LLC, an indirect wholly owned subsidiary of HC2 Holdings, Inc. (OTCQB: HCHC). BeneVir’s core technology was licensed from New York University (NYU) and originally developed by Ian J. Mohr, Ph.D., NYU Langone Medical Center.
BeneVir used this core technology to develop a pipeline of cancer immunotherapy drug candidates that affect antigen presentation in both tumor cells and antigen presenting cells. BeneVir’s pipeline consists of oncolytic viruses delivered locally or systemically. Once inside tumors, the viruses selectively destroy cancer cells, evade elimination by the immune system, and activate multiple classes of anti-tumor immune cells. This multi-mechanistic approach builds upon key elements of both oncolytic virus and immune-checkpoint inhibitor approaches to cancer treatment and is designed to block the major methods that tumors use to subvert the immune system. Proceeds of the financing will be used to conduct initial proof- of-concept clinical studies of BeneVir’s lead product, further develop the pipeline, and establish partnerships to test promising combination therapies in a diverse set of metastatic solid tumors.