ImaginAb, Inc. Closes $8 Million New Funding To Accelerate Clinical Development Of CD8 ImmunoPET Agent
Published: Oct 09, 2017
INGLEWOOD, Calif., Oct. 9, 2017 /PRNewswire/ -- ImaginAb, an immuno-oncology imaging company, has raised an additional $8 million in new equity funding led by Adage Capital. The company's shareholders also include the Parker Institute for Cancer Immunotherapy, NVF, Cycad Group, Nextech Invest, and Jim Pallotta of the Raptor Group.
Martyn Coombs, CEO of ImaginAb commented, "We are thrilled to raise this new round of funding which provides the necessary fuel to accelerate development of our CD8 ImmunoPET program. We are rebooting the Company and welcome Adage Capital, the Parker Institute and Raptor. They strengthen our investor syndicate and position us as a well-funded company with solid footing."
The company's CD8 T Cell imaging agent is designed to non-invasively determine changes in CD8+ T cell tumor infiltrates induced by immuno-oncological treatments. This approach has the potential to guide the development of immuno-modulatory agents as well as assess early on whether a patient responds to such a treatment. The new funds will be used to accelerate human clinical trials and to implement centralized manufacturing.
The Parker Institute for Cancer Immunotherapy, seeking to speed discovery, innovation and efficiency, has partnered with ImaginAb to directly support the clinical trial at Memorial Sloan Kettering Cancer Center. Jeff Bluestone, President and CEO of the Parker Institute commented, "Our collaboration brings funding to support new innovation allowing bold research to reach patients faster. We need better clinical data to determine which immunotherapies will be a key part of treatment for a growing number of cancers. Understanding if CD8 T Cells are attacking tumors will be an important factor."
ImaginAb Inc. is an immuno-oncology company focused on providing actionable insight into patient selection and treatment progress for cancer immunotherapy, enabling precision medicine. ImaginAb engineers antibody fragments called minibodies that maintain the exquisite specificity of full-length antibodies while remaining inert in the body. Used with widely available PET scan technology, these novel minibodies illuminate high-value molecular targets, providing physicians with a whole-body picture of immune activity. ImaginAb is also advancing a best-in-class imaging agent to improve prostate cancer management and patient outcomes, as well as developing a pipeline for other targets in oncology. ImaginAb's products have the potential to improve patient care and lower healthcare costs.
For more information please visit: www.imaginab.com.
About the Parker Institute for Cancer Immunotherapy
The Parker Institute for Cancer Immunotherapy brings together the best scientists, clinicians and industry partners to build a smarter and more coordinated cancer immunotherapy research effort.
The Parker Institute is an unprecedented collaboration between the country's leading immunologists and cancer centers, including Memorial Sloan Kettering Cancer Center, Stanford Medicine, the University of California, Los Angeles, the University of California, San Francisco, the University of Pennsylvania and The University of Texas MD Anderson Cancer Center. The Parker Institute network also includes more than 40 industry and nonprofit partners, more than 60 labs and more than 300 of the nation's top researchers focused on treating the deadliest cancers.
The goal is to accelerate the development of breakthrough immune therapies capable of turning most cancers into curable diseases. The institute was created through a $250 million grant from The Parker Foundation.
For more information, please visit: https://www.parkerici.org/.
About Cycad Group
Cycad Group is a venture capital firm focused on investments in companies with enabling solutions, disruptive technologies and innovative products. Cycad Group pursues investment opportunities in the life sciences, energy production, and advanced materials / chemical processes. With experience investing in all phases of development, from seed through PIPE transactions, Cycad Group seeks opportunities to work with exceptional entrepreneurs creating technology-driven businesses.
For more information, please visit: www.cycadvc.com.
About Nextech Invest
Nextech Invest Ltd. located in Zurich, Switzerland, was founded in 1998 as an investment advisor and management company. Nextech Invest Ltd. has raised more than USD 300 million in five investment funds and currently manages USD 220 million in four investment funds focused on oncology. Late 2006 saw the founding of Nextech II Oncology, the world's first globally active late-stage oncology fund. Nextech III Oncology and Nextech IV Oncology, building on the success of its predecessor fund, followed in 2010 and 2014, respectively. In 2017 Nextech V Oncology was launched with a focus in companies developing novel cancer therapeutics. We deploy our expertise in oncology to invest equity in companies developing cancer therapeutics led by outstanding management teams. Each investment is supported by an eminent group of seven experts in the field of oncology.
For more information, please visit: www.nextechinvest.com.
About Raptor Group
Raptor Group Holdings is a private investment company backed by the Family Office of Jim Pallotta. Mr. Pallotta has been a professional and personal investor for over 30 years. Prior to forming Raptor Group in 2009, Mr. Pallotta was most recently Vice Chairman of Tudor Investment Corporation, where he had responsibility for over $10B in long/short equities and pioneered Tudor's venture capital program and Tudor's outside managers' seeding business.
Raptor focuses on various industries including, but not limited to: Sports, Consumer, Technology, Media, Entertainment, Financial Services and Healthcare.
For more information, please visit: www.raptorgroup.com.