Author: Ethan Bochicchio
On March 26, USC-licensed startup NeOnc Technologies Holdings Inc., having developed an intranasal drug delivery system for brain tumors, was listed for the first time on the Nasdaq. Based on intellectual property developed by USC Keck Medicine’s Dr. Thomas Chen, founder of NeOnc, the company is the first USC-licensed biotech company with agreements through USC Stevens to go public.
USC Stevens has supported NeOnc since the inception of its license by offering start-up friendly terms that reflect our commitment to innovation and patient impact. Over the course of NeOnc’s development, Stevens restructured aspects of the agreement at key points to allow for greater flexibility—such as adjusting license economics—to help the company meet its obligations and continue progressing. The team at USC Stevens always strives to enable success by crafting fair, achievable diligence and financial terms that don’t place undue burdens on early-stage companies; when companies and patents succeed, USC succeeds as well, and we’re proud to share in that success in a reasonable and mission-aligned way
USC’s X page (formerly Twitter) posted on March 26, “A Trojan innovation just made it to Wall Street. NeOnc—founded by @KECKSchool_USC neurosurgeon Thomas Chen—just went public. Its Intranasal drug delivery system is designed to fight brain cancer, bringing USC research directly to patients.”
Dr. Chen has been studying this potential treatment for over ten years. He is a tenured professor of neurological surgery and pathology at USC’s Keck School of Medicine. He is a shareholder and the founder of NeOnc (USC’s equity interest is less than 5%). NeOnc states in their mission statement they seek “to pursue innovative solutions that enhance patient care, bring hope, and extend lives.” They “aim to transform the standard of care for treating brain and central nervous system diseases” through “dedication to research, close collaboration with medical professionals, and personalized care that always places patients and their families at the center of everything we do.”
NeOnc’s cancer drug is a novel and potentially groundbreaking medical advancement with the potential of transforming patient care. The initial focus of NeOnc, however, has been treating malignant gliomas. Dr. Chen has developed a proprietary drug called NEO100, currently in phase 2 clinical trial, an ultra-purified perillyl alcohol with cancer-fighting properties. Phase 1 trials were completed in 2019, proving the safety and tolerance of patients to NEO100. The currently proceeding phase 2 trials are taking place at 10 of NeOnc’s clinical sites that are recruiting patients and will soon be conducted across 30 FDA-compliant clinical research sites in India.
Executive Director of the Stevens Center, Erin Overstreet, said in a story published last month by USC News, that NeOnc’s going public is an illustration of how important it is for USC to support scientific innovation: “Stevens’ role is to support early-stage companies like NeOnc with startup-friendly terms that enable progress toward critical milestones – like a public listing – and without creating unnecessary barriers.”
The Stevens Center, founded as the Stevens Institute for Technology Commercialization in 2004 with a $22 million endowment from Mark and Mary Stevens, is the technology licensing office for USC, playing a key role in Southern California’s innovation ecosystem. Their mission is “To maximize the translation of USC research into products for public benefit through licenses, collaborations, and the promotion of entrepreneurship and innovation.”
Undoubtedly, it is a huge win for the Stevens Center for a biotech company whose agreements went through Stevens to go public. The Stevens Center posted on X on March 27, “Congrats to inventor and neurosurgeon Dr. Thomas Chen and his co-founder, Amir Heshmatpour, on @NeOncTechInc’s direct @Nasdaq listing! It’s the first USC-licensed biotech company with agreements through USC Stevens to go public. Excited to see Trojan innovation on Wall Street!”
In honor of the momentous occasion, Executive Chairman of NeOnc Amir Heshmatpour and Dr. Chen rang the Opening Bell at the Nasdaq on the morning of March 26. At the ceremony, Dr. Chen said the company was made possible with the support of NeOnc’s investors, “and the support of the University of Southern California and the Stevens Technology Office.”