Zymeworks Wraps Up $15 Million Funding Round
1/9/2014 7:00:35 AM
Zymeworks Announces $15.0 Million Private Placement Financing to Advance Lead Programs into Clinical Trials
VANCOUVER, British Columbia--(BUSINESS WIRE)--Zymeworks Inc., a privately held biotherapeutics company focused on the development of best-in-class bi-specific antibodies and antibody drug conjugates (“ADCs”), today announced the completion of a common share offering of approximately $12 million, with additional commitments of approximately $3 million to close subsequently. The financing included investments by both new and existing private shareholders. Zymeworks will use the proceeds to advance its lead oncology candidates through CMC activities and toxicology studies en route to multiple IND filings and subsequent clinical studies. Further financial terms are not disclosed.
“With the close of this financing, Zymeworks is well positioned to move its lead Azymetric™ oncology programs forward into the clinic for the treatment of breast cancer and other solid tumors, as well as other therapeutic candidates targeted towards hematological cancers such as leukemia and lymphoma,” said Dr. Ali Tehrani, President and CEO of Zymeworks. “Moreover, with the completion of this financing and the recent announcement of our collaboration with Eli Lilly and Company, we’re excited about what 2014 has in store for Zymeworks.”
“This financing is a testament to the strength of our recently released data in validated breast cancer models, as well as the ongoing commitment of our new and existing shareholders,” said Neil Klompas, Zymeworks’ Chief Financial Officer. “The capital raised from this financing will allow Zymeworks to move lead candidates from its portfolio of bi-specific Azymetric™ antibodies and Azymetric™ ADCs into the clinic, while expanding its scientific capabilities to meet these new challenges.”
About Zymeworks Inc.
Zymeworks is a privately held biotherapeutics company that is developing best-in-class Azymetric™ bi-specific antibodies and antibody drug conjugates for the treatment of oncology, autoimmunity and inflammatory diseases. The company’s novel Azymetric™ and AlbuCORE™ platforms, and its proprietary ZymeCAD™ structure-guided protein engineering technology, enable the development of highly potent bi-specific antibodies and multivalent protein therapeutics targeted across a range of indications. Zymeworks is focused on accelerating its preclinical biotherapeutics pipeline through in-house research and development programs and strategic collaborations. More information on Zymeworks can be found at www.zymeworks.com.
Ali Tehrani, Ph.D., 604-678-1388
President & CEO
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