In one of the largest series A venture capital deals this year in the biotechnology sector, Seattle-based Juno Therapeutics has landed $120 million in startup financing in a deal led by Arch Venture Partners and the Alaska Permanent Fund.
The cancer research company is a spin out of the Fred Hutchinson Cancer Research Center, Memorial Sloan-Kettering Cancer Center and Seattle Children’s Research Institute — an unique collaborative effort. It plans to launch clinical trials for prostate, lung, breast and pancreatic cancer as soon as next year.
The company — led by biotech vet and former Dendreon exec Hans Bishop — is working on technologies to treat late-stage cancer patients for whom other treatments have failed.
The Wall Street Journal reports that the promise of Juno stems from research showing that the treatments — which use a patient’s own T-cells to combat cancer — led to total remission of a form of leukemia in 10 of 12 patients. The company says that one of the biggest benefits is that patients may avoid the long-term toxicity associated with chemotherapy and radiation.
In total, the company says that about two dozen patients have received the Juno treatment, with the majority showing “remission of advanced stages of cancer.”
“There is still a long road ahead, but the early indications are extremely exciting,” the company said in a release.
Juno co-founder Richard Klausner, a co-founder of Juno and the former director of the National Cancer Institute, added to the excitement around the company:
“In more than 30 years of immunotherapy research, this is the most exciting data I’ve seen—a complete molecular response in clinical trial patients.”
Other co-founders include Robert Nelsen of Arch Venture Partners; Michael Jensen, director of the Ben Towne Center for Childhood Cancer Research at Seattle Children’s Research Institute; and Phil Greenberg, head of the Fred Hutch’s Program in Immunology.
Here’s more of how the technology behind Juno works:
Juno’s approach focuses on harnessing the power of the immune system through the reprogramming of a type of immune cell called T lymphocytes (“T cells”). T cells are part of the body’s natural protective defense system against infection, and Juno’s technology reprograms T cells to recognize cancer cells for a precision immunologic attack. Using synthetic receptors and/or augmented natural antigen receptors, Juno’s T cell reprogramming technologies enable the creation of a powerful anti-tumor immune response built from the patient’s own immune system. This transformative approach has the potential to induce long-term remissions and reduce or eliminate the need for debilitating surgery, radiation and chemotherapy.
The deal is massive in scale. In fact, to put the $120 million figure in perspective, last quarter 26 startups in Washington state raised a total of $106 million, according to CB Insights.
Here’s the full press release:
NEW YORK and SEATTLE (Dec. 4, 2013) – The Fred Hutchinson Cancer Research Center (Fred Hutch) and Memorial Sloan-Kettering Cancer Center (MSKCC), along with pediatric partner Seattle Children’s Research Institute, have joined forces to launch Juno Therapeutics Inc., a new biotechnology company focused on bringing forward novel immunotherapies for cancer.
Juno is being launched with an initial investment of $120M, making it one of the largest Series A biotech startups in history. Initial investors include leading technology venture capital firm ARCH Venture Partners and the Alaska Permanent Fund, through a partnership managed by Crestline Investors. Chief Executive Officer Hans Bishop, a longtime biotech industry veteran, will lead the company.
Commenting on the launch of Juno, Larry Corey, M.D., president and director of Fred Hutch, said, “The longtime research investment that centers like the Fred Hutchinson Cancer Research Center and Memorial Sloan-Kettering have had in tumor immunology has allowed us to progress to where we feel we can genetically engineer smart T cells to eradicate malignant cancer cells and provide meaningful clinical remissions. Joining together allows us to bring some of the world’s most accomplished immunotherapy researchers to catalyze this field.”
José Baselga, M.D., Ph.D., physician-in-chief at MSKCC, said, “Based on the significant anti-tumor activity seen with this T-cell engineering technology, we are pursuing an aggressive and comprehensive clinical development plan to accelerate achievement of regulatory requirements and make this therapy available to cancer patients in the shortest period of time possible.”
Robert Nelsen, ARCH co-founder and managing director and Juno co-founder, said, “The initial data from the clinical trials conducted by the scientific founders to date points toward the strong potential for this team to bring forward a broad pipeline of immunotherapy products that will transform how we treat cancer.”
Michael Burns, executive director of Alaska Permanent Fund, added, “Juno presents a compelling opportunity to partner with a sophisticated management team and group of world-class research institutions who share our long-term perspective. At a time when public financing for clinical development has largely dried up, the private-sector model is critical to allowing ventures like Juno to push the frontiers of research.”
Juno’s approach focuses on harnessing the power of the immune system through the reprogramming of a type of immune cell called T lymphocytes (“T cells”). T cells are part of the body’s natural protective defense system against infection, and Juno’s technology reprograms T cells to recognize cancer cells for a precision immunologic attack. Using synthetic receptors and/or augmented natural antigen receptors, Juno’s T cell reprogramming technologies enable the creation of a powerful anti-tumor immune response built from the patient’s own immune system. This transformative approach has the potential to induce long-term remissions and reduce or eliminate the need for debilitating surgery, radiation and chemotherapy.
“The tumor regressions we are seeing across our Phase I trials at Memorial Sloan-Kettering, Fred Hutch and Seattle Children’s Research Institute are unprecedented,” said Michael Jensen, M.D., director of the Ben Towne Center for Childhood Cancer Research at Seattle Children’s Research Institute and a scientific co-founder of Juno. “I believe this is a transformative therapeutic platform for patients young and old that has the potential to save lives.”
Richard Klausner, M.D., co-founder of Juno and former director of the National Cancer Institute, added, “In more than 30 years of immunotherapy research, this is the most exciting data I’ve seen—a complete molecular response in clinical trial patients.”
Juno’s partner organizations and founding scientists are:
- Fred Hutch: Phil Greenberg, M.D., head of the Immunology Program and member, Clinical Research Division; Stanley Riddell, M.D., member, Clinical Research Division.
- Memorial Sloan-Kettering Cancer Center: Renier J. Brentjens, M.D., Ph.D., medical oncologist and associate chair for Cellular Therapy Trials; Isabelle Rivière, Ph.D., director of the Cell Therapy and Cell Engineering Facility; and Michel Sadelain, M.D., Ph.D., director of the Center for Cell Engineering.
- Seattle Children’s Research Institute: Michael Jensen, M.D., director of the Ben Towne Center for Childhood Cancer Research.
Juno’s co-founders are:
- Hans Bishop, CEO of Juno and former executive vice president and chief operating officer of Dendreon Corporation;
- Larry Corey, M.D., president and director of Fred Hutchinson Cancer Research Center;
- Richard Klausner, M.D., former director of the National Cancer Institute; and
- Robert Nelsen, co-founder and a managing director of ARCH Venture Partners.
Juno CEO Hans Bishop noted, “Juno brings together renowned scientists and exceptional investment partners to launch and quickly scale an enterprise that will deliver cutting-edge cancer immunotherapy. It is a completely unique opportunity that holds the potential to truly save lives while transforming how we treat cancer.”
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About Juno
Juno is a clinical stage company that brings together three of the world’s leading cancer centers – Fred Hutchinson Cancer Research Center, Memorial Sloan-Kettering Cancer Center and Seattle Children’s Research Institute – in unique partnership to advance a broad pipeline of potential curative immunotherapy treatments. With one of the largest ever Series A investments for a biotech startup, Juno will build on breakthroughs in the design of novel immunotherapies to develop two distinct and complementary platforms – chimeric antigen receptors (CARs) and T-cell receptors (TCRs). The CAR technology is designed to target cell surface antigens that are expressed on cancer cells. In addition, the high-affinity TCR technology can also detect alterations in intracellular proteins present in tumor cells. These treatments reduce longer-term toxicities associated with current chemotherapeutics and provide the potential for curative therapy even for patients with widespread disease. Juno’s goal is to drive multiple product candidates in select hematologic and solid tumor cancers to FDA licensure. Each candidate has the potential to treat a variety of high-risk cancers. To learn more, visit www.junotherapeutics.com.About Fred Hutchinson Cancer Research Center
At Fred Hutchinson Cancer Research Center, home to three Nobel laureates, interdisciplinary teams of world-renowned scientists seek new and innovative ways to prevent, diagnose and treat cancer, HIV/AIDS and other life-threatening diseases. Fred Hutch’s pioneering work in bone marrow transplantation led to the development of immunotherapy, which harnesses the power of the immune system to treat cancer with minimal side effects. An independent, nonprofit research institute based in Seattle, Fred Hutch houses the nation’s first and largest cancer prevention research program, as well as the clinical coordinating center of the Women’s Health Initiative and the international headquarters of the HIV Vaccine Trials Network. For more information visitwww.fredhutch.org or follow Fred Hutch on Facebook, Twitter or YouTube.About Memorial Sloan-Kettering
Memorial Sloan-Kettering Cancer Center is the world’s oldest and largest private cancer center with more than 125 years devoted to exceptional patient care, innovative research, and outstanding educational programs. Memorial Sloan-Kettering is one of 41 National Cancer Institute–designated Comprehensive Cancer Centers, with state-of-the-art science flourishing side by side with clinical studies and treatment.The close collaboration between physicians and scientists enables Memorial Sloan-Kettering to provide patients with the best care available as they work to discover more-effective strategies to prevent, control, and ultimately cure cancer in the future. Memorial Sloan-Kettering’s education programs train future physicians and scientists, and the knowledge and experience they gain at Memorial Sloan-Kettering has an impact on cancer treatment and biomedical research around the world. For more information visit the MSKCC Center for Cell Engineering.
About Seattle Children’s Research Institute
Located in downtown Seattle’s biotech corridor, Seattle Children’s Research Institute is pushing the boundaries of medical research to find cures for pediatric diseases and improve outcomes for children all over the world. Internationally recognized investigators and staff at the research institute are advancing new discoveries in cancer, genetics, immunology, pathology, infectious disease, injury prevention and bioethics, among others. As part of Seattle Children’s, the research institute brings together leading minds in pediatric research to provide patients with the best care possible. Seattle Children’s serves as the primary teaching, clinical and research site for the Department of Pediatrics at the University of Washington School of Medicine, which consistently ranks as one of the best pediatric departments in the country.
