Pelican’s lead product candidate targeting the T-cell co-stimulator, TNF receptor superfamily member 25 (“TNFRSF25”). Currently, in preclinical IND enabling activities, PTX-35 is designed to harness the body's natural antigen-specific immune activation and tolerance mechanisms to reprogram the immunity and provide a long-term, durable clinical effect. When combined with immunotherapies, including the ImPACT® and ComPACT™ platform technologies, PTX-35 has been shown to enhance antigen-specific T-cell activation to eliminate tumor cells in patients.

In June 2016, Pelican was awarded a $15.2 million Cancer Prevention Institute of Texas (CPRIT) grant (the “CPRIT Grant”) to support further development of PTX-35 and fund a 70-patient Phase 1 clinical trial to explore the use of PTX-35 in several types of cancers.