ImmunGene Inc raises USD9 million in Series A round
Biotechnology company ImmunGene Inc. is focused on the development of anti-body cytokine fusion technology therapy for oncological applications. It recently announced the closure of Series A financing which raised USD9 million for the company.
The funding round was led by Ally Bridge Group. Previous investments in ImmunGene had been converted into Series A preferred stock. The funds raised would be used to further develop the early stage development products into the next stage of drug development.
According to Ally Bridge Group founder and CEO Frank Yu, "ImmunGene, run by a team of excellent scientists from Amgen, Baxter, Genentech and Seattle Genetics, breaks new ground in the empowered antibody therapeutics space. Through antibody-interferon fusion, ImmunGene's technology triggers additional mechanisms of action (MOAs) in killing tumors. With this unique platform technology, ImmunGene has a qwell-diversified portfolio of therapeutic candidates, which enables multiple shots on goal. Ally Bridge Group is well-prepared to make additional investments in ImmunGene and is committed to assisting the Company in its strategic development going forward."