Pyxis secures USD 114m to push MICVO toward dual clinical readouts in head and neck cancer

Boston-based Pyxis Oncology, Inc. (Nasdaq: PYXS) [announced](https://www.globenewswire.com/news-release/2026/06/30/3319560/0/en/Pyxis-Oncology-Announces-Up-to-114-Million-Private-Placement-Financing-to-Advance-MICVO-Through-Key-Clinical-Milestones.html) a private placement of up to USD 114 million to extend its cash runway into Q2 2027 and fund two imminent clinical data readouts for micvotabart pelidotin (MICVO), its lead antibody-drug conjugate (ADC), in recurrent/metastatic head and neck squamous cell carcinoma. The financing is structured to provide USD 50 million in upfront proceeds, with up to an additional USD 64 million available if accompanying warrants are exercised in full for cash. The transaction was led by BVF Partners L.P., with participation from GordonMD Global Investments, RTW Investments, and Coastlands Capital — a syndicate the company described as comprising both new and existing healthcare investors. Under the terms of the securities purchase agreement, Pyxis is selling 19,600,153 shares of common stock at USD 2.551 per share, alongside warrants to purchase an equal number of shares at an exercise price of USD 3.289 per share. The warrants are exercisable via cash or cashless exercise. Wells Fargo Securities acted as sole placement agent. The transaction was expected to close on or about July 2, 2026, subject to customary closing conditions. The immediate capital need centers on supporting extended patient follow-up in Pyxis's expansion trial for [MICVO ](https://app.allsci.com/news/ASC-NR-0000001963515-1.0-1776456364?query=micvotabart%20pelidotin)in second-line and beyond recurrent/metastatic HNSCC (2L+ R/M HNSCC), following completion of enrollment in Q1 2026. Management has linked the financing directly to two upcoming data milestones: updated Phase I monotherapy data in Fall 2026, and updated Phase I/II combination data with pembrolizumab in Q4 2026. The company indicated it has incorporated additional follow-up and planned analyses into its next clinical update, including a focused assessment of patients treated at or below a defined dose cap of 5.4 mg/kg IV Q3W, with detailed analyses of the dose cap's impact on safety, tolerability, and efficacy. Pyxis' sole clinical asset is MICVO (micvotabart pelidotin), a first-in-concept ADC that targets extradomain-B of fibronectin (EDB+FN), a structural component of the tumor extracellular matrix that is selectively overexpressed in the tumor microenvironment across a wide range of solid tumors and largely absent from normal adult tissue. The mechanism is designed to deliver a three-pronged effect: direct cancer cell killing, a bystander effect on neighboring tumor cells, and immunogenic cell death — the last of which underpins the rationale for combining MICVO with anti-PD-1 therapy. Pyxis presented [preclinical data for MICVO](https://app.allsci.com/news/ASC-NR-0000001963515-1.0-1776456364) at AACR 2026, while the molecule is the subject of two ongoing clinical studies. The first is a Phase I monotherapy study in patients with R/M HNSCC whose disease has progressed following platinum-based chemotherapy and an anti-PD-(L)1 therapy. The second is a Phase I/II dose-escalation study evaluating MICVO in combination with Merck's pembrolizumab (Keytruda) in first-line R/M HNSCC and other solid tumors. MICVO holds US FDA Fast Track Designation for the treatment of adult patients with R/M HNSCC in the post-platinum, post-checkpoint inhibitor setting. Pyxis built its asset base through the August 2023 all-stock acquisition of Apexigen, Inc., which added the APXiMAB antibody discovery platform and a royalty portfolio. Pyxis subsequently monetized those royalties in a series of non-dilutive transactions: an USD 8 million sale of Beovu (brolucizumab-dbll) royalty rights to Novartis in March 2024, a USD 2.8 million milestone from Simcere Pharmaceutical following the July 2025 approval of suvemcitug (Enzeshu) in China, and an approximately USD 11.7 million sale of Enzeshu royalty rights in December 2025. Those transactions collectively provided bridge capital to sustain MICVO development ahead of the current financing. In the competitive ADC landscape targeting head and neck cancer, MICVO is differentiated by its extracellular matrix target rather than a tumor cell surface antigen, a design intended to broaden activity across heterogeneous tumors. The R/M HNSCC market has attracted multiple ADC programs, including tisotumab vedotin (Tivdak), which is approved in cervical cancer and in development across additional solid tumors, and several investigational agents targeting EGFR, HER3, and TROP2. MICVO's EDB+FN mechanism does not overlap directly with these approaches. *** This article was generated with AI assistance and reviewed and edited by the AllSci editorial team Explore more at AllSci News: [https://allsci.com/news/](https://allsci.com/news/) --- Spot something wrong? [Report an issue with this article](https://newsgen-prod.reframedata.com/feedback/pyxis-oncology-micvo-funding-secures-usd-114m-to)