NovImmune SA Raises Additional CHF 20 Million ($19 Million)
12/17/2010 6:14:20 AM
PLAN-LES-OUATES, Switzerland--(BUSINESS WIRE)-- NovImmune announced today, following its July 2010 deal with Genentech/Roche, that it obtained further financing of CHF 20 million. The series B financing round of CHF 20M was led by BZ Bank Aktiengesellschaft.
Jack Barbut, CEO, commented that ‘with the external validation through the Genentech/Roche deal this summer, the current financing round allows NovImmune to generate Proof-of-Concept data with at least two compounds, increase the number of partnerships, and complete the validation of its proprietary bispecific antibody generation platform (kappa-lambdabodies™). This financing round allows NovImmune to enter 2011 in a strong financial position, to enter further partnerships, and to deliver on the long term product development strategy validated by the premier biologics company in the world and by the commitment of its lead investors’.
NovImmune SA (‘NovImmune’) is a drug discovery and development company with a focus on therapeutic mAbs for inflammatory diseases and immune-related disorders. NovImmune has generated, to date, seven proprietary mAbs. The pipeline is a balance of preclinical and clinical compounds, with a mix of both clinically validated as well as novel targets. Each of these portfolio products has the potential to become a medicine for multiple medical conditions due to the overlapping mechanism of action under laying these types of diseases. Three compounds are at this time in clinical development, with the most advanced in Phase II.