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immatics biotechnologies GmbH Raises EUR54 Million ($71 Million) to Advance its Late Stage Clinical Therapeutic Cancer Vaccine Portfolio
9/21/2010 6:39:42 AM
TUEBINGEN, Germany, September 21, 2010 /PRNewswire/ -- immatics biotechnologies GmbH, a biopharmaceutical company developing advanced therapeutic vaccines that are active against cancer, announced today that it has raised EUR53.8million in a Series C financing round. The new funds will allow the Company to finance the ongoing development of immatics' existing pipeline of advanced therapeutic cancer vaccine candidates. In particular, it allows the company to perform a Phase III pivotal trial of its lead product IMA901 which in data reported in June at ASCO, demonstrated the potential to confer an overall survival benefit in patients with advanced renal cell carcinoma (RCC).
The Series C round was supported by both existing and new investors. Approximately half of the funds came from dievini Hopp Biotech holding, Wellington Partners and other existing shareholders, the other half coming from new investors MIG-advised funds and AT Impf GmbH. Upon the completion of the round Dr. Matthias Kromayer from MIG AG will join the immatics board. dievini Hopp BioTech holding remains immatics' largest shareholder following this financing.
With the new funds, immatics will start a Phase III pivotal clinical trial with its lead cancer vaccine IMA901 later this year. IMA901 is a rationally designed cancer vaccine comprised of 10 different tumor-associated peptides (TUMAPs) that are frequently found to be over-expressed in the majority of patients suffering from renal cell carcinoma. The trial design builds on insights gained from the Phase II study and input from key opinion leaders and regulatory agencies. The trial will be a randomized, controlled study that will evaluate IMA901 in renal cell carcinoma patients in combination with standard of care against standard of care alone in a first-line setting. The primary end point of the trial will be overall survival and the first results are expected towards the end of 2013.
immatics will also continue the clinical development of IMA910, another therapeutic vaccine that is currently being evaluated in a Phase II clinical study in approx. 90 patients with advanced colorectal cancer. The Company's third clinical project, IMA950 is in preparation for two Phase I studies in patients with glioblastoma in collaboration with Cancer Research UK and with the National Cancer Institute in the US. Furthermore, the Company will seek to move IMA941 for treatment of gastric cancer patients in East Asia into the clinic and will continue to expand and further improve its XPRESIDENT(TM) antigen discovery platform.
immatics' pipeline of advanced therapeutic vaccines has been developed using the unique XPRESIDENT(TM) technology. This platform has the ability to identify specific tumor associated peptides (TUMAPS) related to any cancer type in a fast and reliable manner. This allows the company to generate better cancer vaccines rapidly, to patent them and to move new vaccine candidates into the clinic in less than 24 months. Additionally, immatics' XPRESIDENT(TM) technology can be used to identify disease associated peptides in areas beyond cancer.
Paul Higham, CEO of immatics said: "Attracting such financial backing from leading European biotech investors demonstrates a strong belief in our company and development programs. With this financing now in place, we can fully focus on the further clinical development of our three leading cancer vaccine programs. Importantly, we are now able to move our lead program, IMA901 in renal cell carcinoma into a Phase III pivotal study by the end of this year, a key step in bringing promising novel therapeutic vaccines to cancer patients. This Series C financing will also allow us to invest in developing our other vaccine candidates and to explore further the potential of our underlying XPRESIDENT(TM) technology platform."
Dr. Matthias Kromayer from MIG AG commented: "It is increasingly clear that therapeutic vaccines have the potential to revolutionize the treatment of cancer. We were very impressed by the Phase II results immatics generated with IMA901 and saw in the management team and in their plans, a clear route to a high increase in the value of the Company. With the Company's approach to rationally designed vaccines, we believe immatics is very well placed to become a leader in this fast emerging area and make a real impact on the lives of cancer patients."
Prof. Christof Hettich from dievini Hopp BioTech holding commented: "We are pleased to be able to continue to support immatics. We are convinced of the immatics approach to cancer vaccines and we also believe that the management team will be able to deliver on the compelling plan they have developed and generate significant value for all shareholders."
Prof. Erich Schlick from Wellington Partners commented: "Wellington's continuing support of immatics is based on a strong belief in the clinical relevance of peptide based cancer vaccines and the excellent performance of management since our initial investment."
immatics biotechnologies is a clinical-stage biopharmaceutical company developing advanced therapeutic vaccines that are active against cancer. immatics' lead product, IMA901 has completed a successful Phase II trial in renal cell carcinoma. immatics' pipeline also includes IMA910, in Phase II for colorectal cancer, and IMA950 which is being developed for glioma.
immatics' technology platform rapidly generates defined therapeutic cancer vaccines which are based on multiple tumor-associated peptides (TUMAPs) with the ability to specifically stimulate the immune system against cancer cells. These vaccines - comprising multiple peptides confirmed to be naturally presented by real tumor tissue - offer the prospect of greater effectiveness than existing cancer vaccine approaches combined with fewer side effects. immatics' products are 'drug like' with stable, off-the-shelf formulations and robust easily scalable manufacturing.
immatics is based in Tuebingen and Munich, Germany, and has raised more than EUR100 million (US$130million) in private equity in three financing rounds.
About AT Impf GmbH
AT Impf GmbH is a wholly owned company of Dr. Andreas and Dr. Thomas Strungmann. The company holds several Biotech-Investments and is managed by the Family Office of the Strungmann-brothers, through which they offer their know-how and strategic support.
About dievini Hopp BioTech holding GmbH & Co. KG
dievini Hopp BioTech holding is dedicated to the support and coaching of the life cycle management of companies and organizations in Life and Health Sciences. A team of experts in medicine, science, finance, legal and entrepreneurship are supporting dievini's investments in the companies' corporate and business development. http://www.dievini.com
About MIG Verwaltungs AG
MIG Verwaltungs AG (MIG) provides management services for MIG funds which are public venture capital funds. In total, MIG has more than 500 million Euros under management and provides venture capital to young, non-listed companies located in Germany, Austria and Switzerland. The investment strategy and the assistance given to portfolio companies are greatly determined by the entrepreneurial experience of MIG's team. MIG has been living and practicing entrepreneurship in all its facets. As a consequence MIG defines their role not merely as being an investor but also as a responsible, competent partner. http://www.mig.ag
About Wellington Partners
Wellington Partners is one of the most successful pan-European venture capital firms. With some 800 million Euros under management and offices in London, Munich, Palo Alto and Zurich, the firm invests into companies throughout Europe that have the potential to become global leaders, in the areas of Digital Media, Cleantech, Electronics, Software and Life Sciences.
Since 1998, Wellington Partners has invested in more than 100 companies in Europe and Israel, including now publicly traded Actelion and XING and successful privately held companies like Alando (acquired by eBay), Ciao (acquired by Microsoft) and ImmobilienScout24 (acquired by Deutsche Telekom). http://www.wellington-partners.com