BROAD STREET ANGELS INVESTS IN SENECA THERAPEUTICS WITH BREAKTHROUGH BIOTECHNOLOGY TO TREAT CANCER
Biotech firm aims to address 60% of solid cancers with new treatment
FOR IMMEDIATE RELEASE
January 18, 2021, Philadelphia, PA – Broad Street Angels (BSA), the Union League’s angel investment affinity group, announced an investment in Seneca Therapeutics, Inc., a bio science firm based in the Philadelphia region. “Referred by one of our members, Seneca Therapeutics has generated a significant BSA investment that will help the company conduct its next phase of research and further establish this region as a bioscience hub,” said Rosenthal.
Seneca Therapeutics, Inc. (STI) was founded to develop the novel, clinically tested oncolytic Seneca Valley Virus (SVV). $30M has been invested into SVV since its discovery in 2001. The data demonstrates both safety and efficacy in dozens of relevant animal tumor models as well as safety and promising signs of efficacy in clinical trials. SVV has the potential to treat 60% of solid cancers and a companion diagnostic is being developed.
James Hussey, CEO and an executive with an established reputation of hyper-growing companies in the industry, joined the company in 2020 to lead the path towards success. Dr. Paul Hallenbeck the Founder, President and CSO of Seneca, is a multiple award winning, serial entrepreneur, with 27 years in the biotechnology industry and expertise in all phases of cancer immuno-therapeutics R&D. “We are thrilled to obtain this investment so close to home from the Broad Street Angels as we establish our efficacy in the treatment of solid cancers”, said James Hussey, CEO at Seneca Therapeutics.
The financing was facilitated through Walter Greenblatt & Associates.
Broad Street Angels reviews regional angel investment opportunities from companies located in the Mid-Atlantic region at its monthly meetings. Companies wishing to be considered can apply through broadstreetangels.com.
ABOUT SENECA THERAPEUTICS
Seneca Therapeutics, Inc. (Seneca) is developing a pipeline of novel cancer agents using the nonpathogenic Seneca Valley Virus isolate 001 (SVV-001). The first product anticipated to be in later stage clinical trials in 2021 is SVV-001 itself. SVV-001 is targeted immunotherapy that selectively kills cancer cells expressing the SVV-001’s receptor, TEM-8, and stimulates the immune system to attack the tumor. SVV-001 is demonstrated to synergize with immune checkpoint inhibitors and other cancer agents to significantly benefit more cancer patients.
ABOUT BROAD STREET ANGELS
Broad Street Angels is an affinity club of The Union League of Philadelphia. It consists of about 100 Union League members who actively invest in qualified, early-stage enterprises in the Greater Philadelphia and mid-Atlantic region as a means of growing the economy, retaining and attracting talent and fostering innovations that strengthen our civic infrastructure. Chair, RoseAnn B. Rosenthal, is also the former President & CEO of Ben Franklin Technology Partners of Southeastern PA. The group is a member of the Angel Capital Association, PACT, PA Angel Network, and others.