Apexigen Completes $123 Million Series C Financing To Advance Clinical Pipeline
Proceeds to Support Clinical Development of Immuno-oncology Therapeutic APX005M and Advancement of New Immunotherapeutic Antibodies into Clinical Evaluation
SAN CARLOS, Calif., March 24, 2020 /PRNewswire/ -- Apexigen, Inc., a clinical-stage biopharmaceutical company focused on discovering and developing a new generation of antibody therapeutics for oncology, today announced the completion of a $65 million equity financing. The financing was led by Decheng Capital and new investor Oceanpine Capital and included participation from other new and existing investors. This financing is an extension of the Company's Series C financing of $58 million, which was previously announced in August 2018, bringing the total amount raised in the Series C to $123 million. The completion of the Series C financing brings the total equity raised to date by the company to $158 million.
Apexigen intends to use these proceeds to support the ongoing clinical development of its lead immunotherapeutic, APX005M, a monoclonal antibody targeting CD40. Currently, APX005M is in multiple Phase 2 clinical trials to treat different types of solid tumors. The proceeds will also be used to develop Apexigen's pipeline of therapies, including the advancement of at least one new proprietary immunotherapeutic product candidate into Phase 1 clinical development.
"Over the past year and a half we have made exceptional progress and generated compelling data from our ongoing clinical trials with APX005M, which to date have enrolled and treated over 400 cancer patients. In addition, the regulatory approval and commercial launch of a licensed product, the first for a product that emerged from our APXiMAB™ discovery platform, provided further validation for the platform," said Xiaodong Yang, M.D., Ph.D., President and Chief Executive Officer of Apexigen. "We welcome the support of both new and existing investors in our efforts to advance a new generation of immunotherapeutic agents to treat a diverse range of malignancies."
APX005M is a novel, humanized monoclonal antibody that stimulates the anti-tumor immune response. APX005M targets CD40, a co-stimulatory receptor that is essential for activating both innate and adaptive immune systems. Binding of APX005M to CD40 on antigen presenting cells (i.e., dendritic cells, monocytes and B-cells) initiates a multi-faceted immune response bringing multiple components of the immune system (e.g., T cells, macrophages) to work in concert against cancer. APX005M is currently in Phase 2 clinical development for the treatment of cancers such as pancreatic cancer, esophageal and gastroesophageal junction cancers, melanoma, non-small cell lung cancer and sarcoma in various combinations with immunotherapy, chemotherapy or radiation therapy.
Apexigen is a clinical-stage biopharmaceutical company focused on discovering and developing a new generation of antibody therapeutics for oncology, with an emphasis on new immuno-oncology agents that may harness the patient's immune system to combat and eradicate cancer. APX005M and Apexigen's other programs were discovered using Apexigen's proprietary APXiMAB™ discovery platform. This platform has enabled Apexigen and its collaboration partners to discover and develop high-quality therapeutic antibodies against a variety of molecular targets, including targets that are difficult to drug with conventional antibody technologies. Seven product or product candidates discovered using APXiMAB are currently commercially available or in clinical development, either internally by Apexigen or by its licensees. For more information, please visit www.apexigen.com.
Sr. Vice President, Business Development
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SOURCE Apexigen, Inc.