Genenta Science, a Nasdaq-listed biotech scaleup pioneering immuno-oncology and cell therapy, announces a EUR 20 million financing through the issuance of a Mandatory Convertible Bond to ENEA Tech and Biomedical to support the expansion of its pipeline through the advancement of Temferon in metastatic renal cell carcinoma (mRCC).
Enea Tech, a private foundation supervised by the Ministry of Enterprise and Industry, manages over EUR 1.7 billion of assets under management through two funds. With in-depth knowledge of the biomedical sector, Enea Tech has all the tools at its disposal to identify and support high-potential biotechnology companies.
‘Before committing to this investment, Enea Tech conducted thorough scientific and legal due diligence. We spent several months in negotiations,’ says Pierluigi Paracchi, CEO of Genenta. ‘We believe that the terms of the mandatory convertible bond are indicative of the potential long-term value of Genenta’s shares. The bond will not result in immediate dilution for Genenta’s shareholders and is expected to provide the necessary capital to meet the milestones of the company’s new mRCC study. The conversion into shares is scheduled for March 2028, followed by a two-year lock-up period. Of course, the process will be accelerated in the event of a change of control of our company. Enea Tech is a trusted partner with strong financial backing, which will help ensure the financial stability needed to advance the validation of the Temferon platform and our ability to pursue strategic collaborations.”
February data from the Phase 1/2a uMGMT Glioblastoma Multiforme (GBM) study show an increase in the percentage of patients surviving two years, which now reaches 29%, up from 25% in October. In addition, there is a marginal improvement in median overall survival, which is now 17 months. Historical data showed that the overall survival of uMGMT patients undergoing standard care was about 14% at two years, with a median overall survival of 13-15 months. Notably, the Phase 1/2a study in metastatic renal cell carcinoma has recently started enrolling patients, further strengthening the company’s clinical pipeline for Temferon.
Luigi Naldini, co-founder of Genenta, adds: ‘We are continuing to demonstrate at the preclinical and clinical level Temferon’s ability to reprogramme the tumour microenvironment, which in turn induces cell-mediated immune responses, as suggested by Genenta’s ongoing GBM study and which will be tested in the Company’s mRCC study’.
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