There is some robust and diverse activity transpiring at West Lafayette, IN-based Endocyte where not one, not two but three unique business activities are transpiring concurrently. These include:

• Addressing the issues of dosing and toxicity of oncologic therapeutics via a drug guidance system which is intended to improve specificity, safety and efficacy, and is payload agnostic – these may vary from siRNA/miRNA to small molecules to large proteins. The system targets overexpressed folate receptors on rapidly dividing tumors associated with ovarian, renal, breast, colorectal, endometrial, non-small cell lung and other types of cancers.

• Companion diagnostics that are designed to predict if a patient will respond to Endocyte drug therapy via linkage of their drug guidance system to a molecular diagnostic imaging agent to then generate patient specific targeting profiles to identify likely responders. The EC20 compound (Phase II) targets an imaging agent (Tc99m) to folate receptors over-expressed on cancer cells and, provides a full-body, real-time scan of folate-receptor targeting designed to identify patients whose cancer over-express folate receptors.

• With the drug guidance system Endocyte has the ability to combine a wide range of drugs with different targeting agents. Based on this strategy, the Company has advanced six investigational drugs into the clinic. The lead compound, EC145, a folate-receptor targeted chemotherapy, is in Phase II trials for patients with platinum resistant ovarian and non-small cell lung cancers. The compound BMS753493 is partnered with Bristol-Myers Squibb (NYSE: BMY) and is in Phase II studies in breast, ovarian and renal cell carcinoma. EC17, 225 and 489 are in Phase I studies for renal cell carcinoma, solid tumor and non-small cell lung cancer trials.

Back in 2001 Endocyte raised an initial $2M from Indiana’s 21st Century Research & Technology Fund and was followed by a $7.6M Series B round from Sanderling Ventures, Cincinnati Financial Corp and American Bailey Ventures. The Series C round began coming together in 2003 with $15M from CID Equity Partners and previous investors, then in 2004 came a C-2 extension of $22.6M led by Burill & Co. and new investors Blue Chip Venture Company, Triathlon Medical Venture Partners, Twilight Venture Partners and previous investors; a $15M C-3 extension followed in 2007 with participation from existing investors. In 2008 the financing strategy took an equity breath and instead focused on a $15M venture debt facility with Oxford Finance and GE Healthcare Financial Services. And now a $26M C-4 extension was announced with participation from original equity investors.

Sum it all up and Endocyte has raised approximately $103M in debt and equity, considering the diverse business model which includes drug guidance, molecular diagnostics and at least six investigational compounds in early clinical trials one might expect to hear of additional financing and partnering news to come.