Surface Oncology

Surface Oncology. It was a clinical-stage biotechnology company focused on developing next-generation immunotherapies for cancer. The company was founded in 2014 through a unique collaboration between the Novartis Institutes for BioMedical Research and the venture capital firm Atlas Venture. Its scientific approach centered on targeting immunosuppressive mechanisms within the tumor microenvironment to enhance the body's innate and adaptive immune responses against tumors. The company was acquired by Coherus BioSciences in 2023, integrating its pipeline into a broader immuno-oncology portfolio.

History

Surface Oncology was launched in 2014 with a $35 million Series A financing led by Atlas Venture, with participation from the Novartis Institutes for BioMedical Research and other investors. This early backing provided the capital to build its discovery platform. In 2017, the company expanded its financial base through a $66.5 million Series B round co-led by Fidelity Management and Research Company and New Enterprise Associates. This period saw the advancement of its lead candidates toward Investigational New Drug applications. A significant milestone was its initial public offering on the NASDAQ in 2018, raising approximately $75 million to fund clinical development. Throughout its independent operation, the company was headquartered in the biotechnology hub of Cambridge, Massachusetts. Its journey concluded in 2023 when it was acquired for approximately $65 million by Coherus BioSciences, a move aimed at bolstering the latter's immuno-oncology assets.

Technology and platforms

The company's research was built on identifying and validating novel immuno-oncology targets through systematic analysis of the tumor microenvironment. A core platform involved screening for proteins expressed specifically on immunosuppressive cells, such as regulatory T cells and myeloid-derived suppressor cells. This work led to the development of monoclonal antibodies designed to block key inhibitory pathways, including the CD39-CD73-adenosine axis, a major mechanism of tumor-mediated immunosuppression. Another technological focus was on optimizing antibody Fc regions to enhance effector functions like antibody-dependent cellular cytotoxicity against specific tumor-associated targets. The company utilized advanced techniques in molecular biology and protein engineering to create therapies intended to convert "cold" tumors, which are poorly infiltrated by T cells, into "hot" tumors more susceptible to immune attack.

Clinical pipeline

Surface Oncology's most advanced candidate was SRF388, a first-in-class monoclonal antibody targeting IL-27, which entered clinical trials for solid tumors including hepatocellular carcinoma and renal cell carcinoma. Another key asset was SRF617, an inhibitor of CD39 designed to prevent the generation of immunosuppressive adenosine within tumors, which was evaluated in a Phase 1 study. The pipeline also included preclinical programs targeting other mechanisms in the tumor microenvironment. Following the acquisition by Coherus BioSciences, the development of these assets, particularly SRF388, was integrated into the new parent company's clinical strategy. The pipeline was notable for focusing on mechanisms distinct from the dominant PD-1/PD-L1 checkpoint inhibitors, aiming to address patient populations with limited response to existing therapies.

Collaborations and partnerships

A foundational partnership was with the Novartis Institutes for BioMedical Research, which provided early-stage assets and research collaboration. In 2018, Surface Oncology entered a significant license agreement with Merck KGaA for global rights to develop and commercialize SRF617, its CD39 inhibitor program. The company also engaged in a research collaboration with the German Cancer Research Center to further explore the biology of its targets. These strategic alliances were designed to leverage external expertise, share development risk, and provide non-dilutive funding through upfront payments and potential milestones. The acquisition by Coherus BioSciences effectively terminated these independent partnerships, with future collaboration decisions falling under the purview of the acquirer.

Financials and corporate structure

As a publicly traded entity on the NASDAQ, Surface Oncology financed its operations through equity offerings, including its 2018 initial public offering and a 2020 follow-on public offering that raised approximately $80 million. The company's financial statements reflected the typical burn rate of a clinical-stage biotech, with operating expenses driven largely by research and development costs for its clinical trials. Its corporate structure included a board of directors with members from leading life science investment firms such as Atlas Venture and New Enterprise Associates. The acquisition deal with Coherus BioSciences involved an upfront cash payment and contingent value rights tied to future regulatory milestones for SRF388, providing a return to shareholders and integrating the company's operations into the larger entity.

Category:Biotechnology companies of the United States Category:Companies based in Cambridge, Massachusetts Category:Pharmaceutical companies established in 2014