Alessa Therapeutics Announces Closing $15M Seed Financing

SAN CARLOS, CA, UNITED STATES, December 12, 2024 /EINPresswire.com/ -- Alessa Therapeutics, Inc., a clinical-stage drug development company pioneering an innovative and proprietary localized drug delivery technology for the early interception of cancer and other diseases, announced the closing of a $15M seed financing led by Mission BioCapital joined by Johnson & Johnson (through its corporate venture capital organization, Johnson & Johnson Innovation – JJDC, Inc. (JJDC)., and a representative of JJDC will join the Board of Directors at Alessa Therapeutics Inc.

“We are appreciative of the support provided by this syndicate of leading life science industry investors,” said Pamela Munster, M.D., Founder & Chief Executive Officer of Alessa. “Alessa is well positioned to advance our pipeline and leverage our platform of tissue-targeted drug delivery for the treatment of prostate cancer and other solid organ diseases. This funding enables us to pursue our mission and bring new medicines to patients who desperately need more effective treatments.”

Alessa will use the funds to advance development of its lead program, Enolen^®, a novel enzalutamide-eluting seed implant for the treatment of localized prostate cancer. Alessa recently announced the start of a first-in-human trial with Enolen^® in collaboration with the NCI, and the company anticipates initial data to read out next year. Alessa’s Enolen program builds on the company’s successful proof of concept for the approach with Biolen^®, which were presented at the 39th Annual EAU Congress (EAU24, April 2024) in Paris, France and at the AUA Annual Meeting (May 2024) in San Antonio, TX.

Prostate cancer is the most common cancer among men in the United States. According to the American Cancer Society, an estimated 299,010 men will be diagnosed with prostate cancer in 2024 in the United States alone. Patients with low-risk prostate cancer face difficult treatment decisions today between potentially invasive surgical and ablative procedures or active surveillance. While many efficacious therapeutics have been developed for regional and metastatic disease, to date, they have failed to move forward to patients with localized low-risk disease given their adverse-event profiles. Alessa’s proprietary localized drug-delivering implants are designed for sustained release of an anti-androgen selectively to the prostate thus limiting systemic side effects despite providing therapeutic concentrations in the prostate.

About Alessa Therapeutics
Founded in 2018 and based on technology developed at the UCSF, Alessa Therapeutics is a privately held company focused on developing selective and sustained localized drug delivery for early interception of cancer. Alessa is financed by Mission BioCapital. For more information on Alessa Therapeutics, visit www.alessatherapeutics.com or email alessa@alessatherapeutics.com.

About Mission BioCapital
Mission BioCapital is a biotech venture capital firm focused on making pivotal early-stage investments in life sciences companies. They support portfolio companies through a unique combination of shared lab space, capital investment, and access to strategic partners. With offices in the nation’s leading life sciences clusters in Cambridge, MA and San Francisco, Mission BioCapital is dedicated to helping entrepreneurial scientists build successful companies, from idea to exit. Learn more at missionbiocapital.com.

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