RTTNews | Jan 12, 2021 07:07AM EST

07:06 Tuesday, January 12, 2021 (RTTNews.com) - Pfizer Inc. (PFE) announced Tuesday that it invested a total of $120 million in four clinical-stage biotech companies during the second half of 2020 as part of the Pfizer Breakthrough Growth Initiative (PBGI).

Through PBGI, Pfizer is investing up to $500 million in biotechnology companies, providing funding and access to Pfizer's scientific expertise to help ensure the continuity of promising clinical development programs of potential future strategic interest to Pfizer.

The first four investments of new program created to support clinical-stage biotechnology companies including companies focused on oncology, rare disease, and inflammation & immunology.

Pfizer invested $10 million in Vancouver, BC-based clinical-stage pharmaceutical company ESSA Pharma (EPIX), $25 million in Cambridge, Mass.-based clinical-stage immuno-oncology company Trillium Therapeutics (TRIL), $25 million in Cambridge, Mass.-based privately held clinical-stage company Vedanta Biosciences, and $60 million in Bedford, Mass.-based clinical-stage genetic medicines company Homology Medicines (FIXX).

Separately, Vedanta Biosciences announced that it intends to use the proceeds to fund a Phase 2 study of VE202 in inflammatory bowel disease (IBD), which it plans to initiate in 2021. Topline Phase 1 study data showed VE202 was generally safe and well-tolerated at all doses and demonstrated durable and dose-dependent colonization.

Read the original article on RTTNews ( https://www.rttnews.com/3159729/pfizer-invests-120-million-in-four-clinical-stage-biotech-companies-in-h2-2020-quick-facts.aspx)

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