Enumeral Biomedical Holdings announces $21.5M funding round, Cerulean Group merger
Enumeral Biomedical Holdings announced that it had completed a merger between the company and its subsidiary, Cerulean Group, Inc. Along with the news of the merger, the company also announced the conclusion of its private placement financing, which raised $21.5 million. The financing included the participation of various groups led by Montrose Capital Partners, Harris & Harris Group, Intuitive Venture Partners and EDI Financial.
Using novel technology exclusively licensed by various institutions, namely Harvard University, Massachusetts Institute of Technology, Whitehead Institute for Biomedical Research and Massachusetts General Hospital, the company is known for developing novel antibody therapeutics that help the body's immune system attack diseased cells, which are also called in the medical world as immunomodulators. Company President,
Enumeral CEO and Co-Founder Arthur H. Tinkelenberg said about the recent fundraising and the successive merger in a company press release, "Given the strong interest in immuno-oncology and immunotherapy generally, we look forward to developing our internal programs, entering into collaborative partnerships and reaching value inflection points as we advance drug candidates toward clinical development. With this financing, we believe we are well capitalized to continue developing important new medicines through our discovery platform."