Nasdaq’s opening bell will toll for USC research startup

A USC-endorsed startup that created an intranasal delivery system for brain tumors is set to make its initial appearance on Nasdaq on Wednesday. To mark this direct listing, the USC Stevens Center for Innovation and the startup, NeOnc Technologies Holdings Inc., will signal the opening bell at 9:30 a.m. EDT/6:30 a.m. PDT.

NeOnc is founded upon intellectual property established by neurosurgeon and NeOnc founder Thomas Chen of Keck Medicine of USC, who also serves as a tenured professor of neurological surgery and pathology at the Keck School of Medicine of USC. NeOnc is the pioneering USC-licensed biotech firm with agreements via USC Stevens to enter the public arena.

The promising cancer treatment represents one of the innovative breakthroughs that research universities provide from the laboratory to a patient’s bedside via collaborations with biomedical and pharmaceutical companies.

“University research is fundamental to groundbreaking medical innovations,” expressed Ishwar Puri, USC senior vice president for research and innovation. “Our researchers and innovators are developing novel remedies that hold the potential to revolutionize patient care. By encouraging collaboration across disciplines and with industry partners, we hasten the journey from discovery to real-world changes, ensuring that scientific advancements translate into meaningful improvements in human health.”

USC maintains an equity stake of under 5% in the startup. Chen, who has invested over a decade exploring the possible treatment, is both a shareholder and the founder of NeOnc.

NeOnc: USC-licensed startup’s primary focus

NeOnc’s primary aim is focused on addressing malignant gliomas through a proprietary medication named NEO100, an ultra-purified perillyl alcohol with cancer-fighting capabilities presently in phase 2 clinical trials.

Glioblastoma, the most aggressive type of malignant glioma, ranks among the most challenging cancers to treat, due to its capacity to invade brain tissue. Full surgical excision proves difficult, and the median survival extends only to 15 months. Malignant gliomas affect as many as 15,000 Americans annually.

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“This methodology enables us to circumvent the blood-brain barrier and directly aim at the tumor,” stated Chen, who estimates that since becoming part of the USC faculty in 1997, he has managed the treatment of over 1,000 glioblastoma patients. “The compound we are administering is inhaled through the nasal cavity, traverses the nasal pathway, engages with the olfactory nerve, and subsequently enters the cerebrospinal fluid, circulating throughout the brain. This differs from conventional chemotherapy, which is typically administered orally or through intravenous methods.”

Researchers finalized phase 1 clinical trials validating the safety and tolerance of NEO100 in 2019. In the ongoing phase 2 clinical investigations, NeOnc has 10 clinical locations actively enrolling patients and has recently formed a partnership with a clinical research organization to initiate clinical trials across 30 FDA-compliant clinical research facilities in India, enhancing patient recruitment and expediting global development initiatives.

‘Significant landmark’ for USC-licensed startup NeOnc

Amir Heshmatpour, co-founder and executive chairman of NeOnc, remarked on the direct listing: “This signifies a significant landmark in our clinical journey. We remain entirely dedicated to hastening the route to market for our groundbreaking treatments. This listing represents more than merely a milestone —it’s a definitive indication of our progress and the robustness of our vision. We are embarking on a new chapter, and the most exciting developments are yet to arrive.”

Chen is also focusing on additional targets beyond glioblastoma. Inhaled medications could potentially treat pediatric brain tumors, metastatic brain cancer, or even medications aimed at combating Alzheimer’s disease.

“What we are demonstrating is the principle that our delivery method can successfully convey agents to the brain,” Chen stated. “Once we validate this for brain cancer, the same methodology could be applied to any brain condition where there is a possible therapeutic benefit.”

USC Stevens is engaged in transitioning the findings of USC researchers from the lab into the market. Launched in 2004, it was endowed with $22 million by Mark and Mary Stevens. Mark Stevens is an alumnus of the USC Viterbi School of Engineering and serves as a USC trustee.

Erin Overstreet, executive director of USC Stevens, expressed that NeOnc’s direct listing exemplifies the vital role of the university’s backing for scientific advancement.

“The role of Stevens is to assist early-stage enterprises such as NeOnc with favorable startup terms that facilitate progress toward essential milestones —like a public listing — while avoiding unnecessary obstacles.