MacroGenics, Inc. to Pour $70 Million Into Two Cancer Drugs
9/27/2013 8:43:33 AM
MacroGenics Inc. plans to fuel development of two cancer drug candidates with $70 million from the proceeds of its upcoming initial public offering and other funding sources, the Rockville biotech said in an updated IPO filing. The funds — a combination of upcoming payments from big pharma collaborations, IPO winnings and cash stockpiles — will go toward pushing Margetuximab (A.K.A. MGAH22) and MGA271 through the clinic. Margetuximab, a monocolonal antibody, is in the midst of a Phase 2a trial for metastatic breast cancer and is slated to enter a Phase 3 trial for gastroesophageal cancer in the latter half of next year.
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