Daily Newsletter

29 September 2023

Daily Newsletter

29 September 2023

Deka Biosciences secures $20m to advance product pipeline

As part of the latest investment, MPM-BioImpact’s Detlev Biniszkiewicz will join the board of Deka.

Vishnu Priyan September 29 2023

Deka Biosciences has secured funding of $20m in a Series B2 financing round to advance its product pipeline.

MPM BioImpact led the funding round with investors including Leaps by Bayer, Lumira Ventures and O-Bio.

MPM-BioImpact’s Detlev Biniszkiewicz will now join Deka’s board.

Deka will advance the clinical trials of its DK210 (EGFR), subject to approval from the US Food and Drug Administration (FDA) for the company’s investigational new drug (IND) application. 

Deka CEO John Mumm stated: “We have only raised $55m to date and are already proceeding to dose our third cohort in our Phase I clinical trial. 

“Thus far, we have established safety and clear signs of immune activation in our first two cohorts. 

“We are encouraged by these results and believe that this combined approach will result in safer, more efficacious and cost-effective immunotherapies.”

The company had previously raised $5m and $20m in seed and Series A financing rounds, respectively.

In 2022, these funds enabled Deka to secure a further $21.5m in its Series B1 funding round, jointly led by Lumira and Leaps by Bayer, and make significant advances.

The company also produced drug products in collaboration with Cytovance Biologics, commenced a Phase I trial and expanded operations into a new plant using these proceeds.

It now intends to progress its development of diakines [disease-targeting scaffolds] and carry out activities that enable the IND filing.

M&A in the Contract Manufacturing Industry

Despite challenging business conditions in 2021 and 2022, large CMOs were still involved in acquisitions to enhance their capabilities or scale of production. Catalent and Recipharm were particularly active in acquiring companies during this period, and these acquisitions had a focus on advanced biologic capabilities related to cell and gene therapies. CMOs are increasingly targeting companies with sophisticated (biologic and specialized) capabilities to manufacture modern drugs and seek high-value contracts.

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