Burlingame, California-based Igenica Inc said it was able to secure $14 million in its Series C extension funding. Igenica's major existing investors joined in the round. They are The Column Group, 5AM Ventures, OrbiMed and Third Rock Ventures, a statement about the financing said. PE HUB reported that Igenica was able to close its Series C round a couple of years ago, raising $33 million.
Igenica is a biopharmaceutical firm that seeks to find and develop antibodies and antibody-drug conjugates or ADCs to treat cancer. In the statement, Igenica said it is the only biotherapeutic firm that fully powers the development spectrum of ADCs from a patient-based approach so it could target and discover functional antibodies and ultimately generate and make homogenous ADCs.
The company's integrated discovery engine has produced a strong pipeline of site-specific ADC candidates and functional antibodies that would help answer the critical needs of those suffering from cancer. The company is headed by a team of leaders who are considered experts in therapeutic antibody and ADC development.
Igenica Chairman and The Column Group Managing Partner David V. Goeddel, PhD, said that the funding is a reflection of the interest of investors for the compelling drug candidates and antibody drug conjugate technology that is being developed by Igenica, the statement said.
Igenica Chief Executive Officer Mary Haak-Frendscho, Ph.D., said in the statement, "As we strengthen our product focus, these funds will be used to advance IGN523 through early clinical trials aimed at safety and clinical activity assessments in acute myelogeneous leukemia. It also will enable us to continue to discover and develop new therapeutics based on our innovative ADC platform to expand Igenica's pipeline and to increase strategic flexibility as we execute on our business and clinical development plans."
Information from the Igenica website showed that the company's founders were Robert Schreiber, PhD, and Guoqing Chen, PhD.
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