INDIANAPOLIS, Indiana (March 21, 2023) – – VisionTech Angels, among the Midwest’s most active angel investing networks, has invested $190,000 in Seneca Therapeutics with 16 members participating in the follow-on round. With the investment, Seneca has raised $2.8 million to date in its bridge round, with Keiretsu Capital leading the round and participation from VisionTech Angels and multiple other angel investors.
Seneca, based in Blue Bell, Pennsylvania, is a clinical stage biopharmaceutical company focused on developing novel immunotherapeutics and derivatives for difficult to treat solid cancers. Their first candidate is an oncolytic immunotherapeutic called Seneca Valley Virus (SVV) that eliminates tumor cells in which it can replicate. In October 2022, the company received FDA clearance to begin a Phase I/II clinical study utilizing Seneca Valley Virus (SVV-001) in combination with a checkpoint inhibitor in 2023.
VisionTech Angels made its first investment in Seneca in 2021 when 34 investors wrote checks totaling $327,500. The group’s total investment in the biopharmaceutical company is $517,500.
Commenting on the announcement, VisionTech Executive Director Ben Pidgeon said, “VisionTech Angels is excited to continue to support our portfolio company Seneca. Their novel therapy of oncolytic viruses has the potential to identify and treat immunotherapy-resistant tumors. The management team has met several milestones after our initial investment, a significant one was FDA approval of a Phase I/II study. The first oncolytic virus as therapy—Imlygic, now owned by Amgen—was approved in 2015, and there have been recent successes with Replimune, CG Oncology and Tilt. The oncolytic virus immunotherapy market is an exciting space with an expected compound annual growth rate of 12 percent through 2029.”
Seneca CEO James Hussey said he is pleased with the strong support his company has received from VisionTech across two rounds of investment. “VisionTech has been a great investor and supporter of Seneca Therapeutics over the last few years. They are one of the premier angel groups in the United States and we are excited to partner with them on this follow-on round.”
Founded in 2009, VisionTech is a privately held company that links investors to high-potential, early-growth companies. Based in Indianapolis, VisionTech’s angel investing network includes more than 130 active members across Indiana and Ohio. As of March 15, 2022, 200 VisionTech Angels member investors have deployed more than $27.5 million in capital, investing in 63 portfolio companies from across the United States. Membership is open to accredited investors. Those interested in joining are encouraged to contact VisionTech.
About Seneca Therapeutics, Inc.
Seneca Therapeutics was founded to capitalize on the profound tumor specificity of SVV and further the development of SVV-001 in several upcoming clinical trials and the creation and testing of armed derivatives selectively expressing gene product(s) that are inserted into the genome of SVV-001 that create additional anti-tumor effects. Learn more.
CONTACT: Melanie Lux at Melanie@Lux-writes.com or 803-331-4794