Abgenomics International Announced Today That It Has Raised $16 Million In Current Financing Round
AbGenomics raised new fund for advancing its mid-stage clinical trials
LOS ALTOS, Calif., Oct. 3, 2014 /PRNewswire-iReach/ -- AbGenomics will use the proceeds to continue advancing its therapeutic antibodies for autoimmune diseases and cancers in clinical development. The company is focusing on conducting Phase II clinical trials for its lead drug candidate AbGn-168H, a humanized monoclonal antibody that induces apoptosis of pathogenic activated T cells for the treatment of psoriasis, psoriatic arthritis, and acute GVHD. In addition, the fund will also be used to advance its fully own antibody drug conjugate, AbGn-107, into phase-I clinical trials for the treatment of pancreatic and stomach tumors next year. More promising preclinical candidates in company’s rich biosuperior antibody drug conjugate pipelines are under speedy development.
“We are delighted to have the support of our investors. This round of financing will provide AbGenomics additional capital to continue its clinical-stage programs throughout proof-of-concept studies in two additional diseases with substantial unmet needs.” said Dr. Ron Lin, Founder and CEO of AbGenomics.
About AbGenomics (www.abgenomics.com)
AbGenomics International Inc. (AbG) is a biopharmaceutical company developing targeted antibody therapeutics for the treatment of immune-mediated inflammatory diseases and cancers. Headquartered in San Francisco Bay Area, U.S., AbGenomics has subsidiaries in the Netherlands and in Taiwan. The Company’s strategy is to commercialize its novel products in collaboration with major pharmaceutical partners in order to maximize the opportunity for development and marketing of the Company’s compounds.
Media Contact:RUTH LI, ABGENOMICS INTERNATIONAL INC., 650-988-9912, ABG@ABGENOMICS.COM
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SOURCE AbGenomics International Inc.
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