ALUME BIOSCIENCES SECURES $13 M IN SERIES B FINANCING

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Jan 10, 2023, 13:22 ET

LA JOLLA, Calif., Jan. 10, 2023 /PRNewswire/ -- Alume Biosciences, Inc. has secured $13 million in Series B financing to advance its lead candidate, Bevonescein (ALM-488), in Phase 3 clinical trials. Alume, a leader in the field of nerve-targeted diagnostics and therapeutics, announced in August, 2022 that the first patient had been dosed in a Phase 3 pivotal study of ALM-488 for intra-operative visualization of nerves in head and neck surgery (NCT05377554). ALM-488 is a peptide-dye conjugate designed to highlight nerves with fluorescence in real-time during surgery. The Phase 3 pivotal studies are underway at major academic hospitals across the U.S.

With the $13 million raised in the Series B fundraising, together with funds raised in an earlier Series A financing and additional non-dilutive funding received through grants, the Company has raised over $30 million to fund the clinical development program for its lead candidate, advance its development portfolio and support potential regulatory filings.

"This is an important milestone for Alume. This funding brings us one step closer to improving intraoperative visualization of nerves for patients undergoing surgery, enabling Precision Surgery^™" said Magda Marquet, a member of Alume's Board of Directors.

About ALM-488 ALM-488 is a proprietary fluorescent peptide-dye conjugate in the visible spectrum and can be visualized with fluorescently enabled instrumentation including filter modified loupe systems, portable handheld systems, microscopes and laparoscopes. ALM-488 binds to the extracellular matrix of nerves, allowing real-time nerve illumination during surgery. ALM-488 is expected to have broad surgical application due to unique characteristics of binding that are independent of myelin, which is an insulating layer around nerves. This allows ALM-488 to highlight multiple types of nerves including motor, sensory, and autonomic. Degenerated nerves, critically important during reconstructive procedures, are also highlighted with ALM-488. Surgeries where nerves are potentially at risk include procedures in the skull base, head and neck, and spine, and nerve sparing prostatectomy. In vivo studies also indicate that ALM-488 has adequate pharmacokinetic characteristics to support clinical utility for the labelling of ureters in urology, gynecology and lower abdominal surgical indications.

About Alume Biosciences Alume Biosciences is a late-stage clinical biotechnology company developing nerve specific targeting molecules. In addition to ALM-488, Alume is developing other nerve specific agents for diagnostic and therapeutic indications. The company was founded in 2017 and is headquartered in the Johnson & Johnson Innovation incubator JLABS @ San Diego. Learn more about Alume Biosciences at https://alumebiosciences.com

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SOURCE Alume Biosciences