Imago BioSciences Raises $80 Million in Series C Financing
– Proceeds to support advancing therapies for the treatment of myeloproliferative diseases through further clinical investigation
– Financing round led by Farallon Capital Management, LLC
SOUTH SAN FRANCISCO, Calif.--(BUSINESS WIRE)-- Imago Biosciences, Inc. (“Imago”), a clinical-stage biopharmaceutical company developing innovative treatments for myeloproliferative neoplasms, today announced the close of an $80 million Series C financing round. Farallon Capital Management, LLC led the round, with participation from new investors including funds and accounts advised by T. Rowe Price Associates, Inc., funds and accounts managed by Blackrock Advisors, LLC., Surveyor Capital (a Citadel company), Irving Investors and Kingdon Capital Management. Existing investors also participating in the financing include a fund managed by Blackstone Life Sciences, Frazier Healthcare Partners, Omega Funds, Amgen Ventures, MRL Ventures Fund, HighLight Capital, Pharmaron Investments Ltd., Greenspring Associates and Xeraya Capital.
Imago will use the proceeds to complete a Phase 3 study of bomedemstat for the treatment of myeloproliferative neoplasms. Bomedemstat (IMG-7289) is an orally available small molecule that inhibits lysine-specific demethylase 1 (LSD1), an enzyme shown to be vital in self-renewal of cancer stem cells and hematopoiesis. Bomedemstat is being investigated in a Phase 2b clinical trial for the treatment of myelofibrosis, and a Phase 2b clinical trial for the treatment of essential thrombocythemia. The FDA has granted Fast Track Designation and Orphan Drug Designation to bomedemstat in both indications and the EMA has given bomedemstat PRIME designation for the treatment of myelofibrosis.
“The support of this group of elite health care investors enables us to pursue our bold vision of developing transformative medicines to treat people living with devastating cancer of the bone marrow with our first efforts focused on bone marrow neoplasms including the myeloproliferative diseases,” said Hugh Young Rienhoff, Jr., M.D., CEO at Imago BioSciences. “This financing allows us to take bomedemstat through the next set of late stage clinical trials in multiple indications.”
Bomedemstat is being evaluated in open-label Phase 2 clinical trials for the treatment of advanced myelofibrosis (MF), essential thrombocythemia (ET) and polycythemia vera, bone marrow cancers that alter the production of blood cells. MF patients who are resistant to, intolerant of, or ineligible for a Janus Kinase (JAK) inhibitor are eligible for the study of bomedemstat as monotherapy. Interim data will be presented in an oral session at the upcoming American Society of Hematology Annual Congress on December 5, 2020.
Bomedemstat is an orally available small molecule discovered and developed by Imago BioSciences that inhibits lysine-specific demethylase 1 (LSD1 or KDM1A), an enzyme shown to be vital in cancer stem/progenitor cells, particularly neoplastic bone marrow cells. In non-clinical studies, bomedemstat demonstrated robust in vivo anti-tumor efficacy across a range of myeloid malignancies as a single agent and in combination with other chemotherapeutic agents. Bomedemstat is an investigational agent currently being evaluated in multiple ongoing clinical trials (ClinicalTrials.gov Identifier: NCT03136185, NCT04262141, NCT04254978 and NCT04081220). Bomedemstat has U.S. FDA Orphan Drug and Fast Track Designation for the treatment of myelofibrosis and essential thrombocythemia, Orphan Drug Designation for treatment of acute myeloid leukemia and PRIME designation by the European Medicines Agency for the treatment of MF.
About Imago BioSciences
Imago BioSciences is a clinical-stage biopharmaceutical company focused on discovering and developing novel therapeutics for the treatment of hematologic disorders targeting epigenetic enzymes. Imago has developed a series of compounds that inhibit LSD1, an epigenetic enzyme critical for cancer stem cell function and blood cell differentiation. Imago is advancing the clinical development of its first LSD1 inhibitor, bomedemstat, for the treatment of myeloid neoplasms. The company is based in South San Francisco, California. To learn more, visit www.imagobio.com, www.myelofibrosisclinicalstudy.com, www.etclinicalstudy.com, and follow us on Twitter @ImagoBioRx, Facebook and LinkedIn.
Source: Imago BioSciences, Inc.