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AbGenomics International has raised $9.6 million for advancing its psoriasis phase-II trials in US
LOS ALTOS, Calif.
, July 17, 2013
/PRNewswire-iReach/ -- AbGenomics International announced today that it has raised $9.6 million
in current financing round.
AbGenomics will use the proceeds to continue advancing its therapeutic antibodies for autoimmune diseases and cancers. AbGenomics' lead drug candidate AbGn-168H, a first-in-class humanized monoclonal antibody that specifically depletes chronic activated T cells for the treatment of autoimmune diseases, is in Phase II clinical trials for psoriasis. The evaluation of additional AbGn-168H trials for Crohn's/IBD, type-I diabetes, MS, and RA indications are ongoing. The company plans to advance another therapeutic candidate, AbGn-107, an antibody drug conjugate with fully owned first-in-class linker-payload, into phase-I clinical trial for the treatment of pancreatic and stomach tumors early next year. "We are delighted to have the continuing support of our investors. This round of financing provides AbGenomics additional capital to continue its clinical-stage programs through proof of concept for addressing major unmet needs in autoimmune diseases and advance its first-in-class antibody drug conjugate technology for cancers." said Dr. Rong-Hwa Lin, Founder and CEO of AbGenomics.
About AbGenomics (www.abgenomics.com) AbGenomics is a biopharmaceutical company focused on the discovery and development of novel medicines to treat diseases with unmet medical need and significant market potential. The Company's strategy is to commercialize its novel products in collaboration with major pharmaceutical partners in order to maximize the opportunity for development and marketing of the Company's compounds.
Media Contact:RUTH LI, ABGENOMICS INTERNATIONAL INC., 6509889912, RUTH.LI@ABGENOMICS.COM
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SOURCE AbGenomics International, Inc.