ImmunGene raises $9m Series A from Ally Bridge Group


biomed_lrgBiotech startup ImmunGene has raised a $9m Series A round from Ally Bridge Group to advance its early-stage development products to IND-enabling studies.

The Thousand Oaks, California-based company is focused on developing antibody-cytokine fusion technology therapies to treat cancer.

Earlier this year, the company’s joint venture with Caliber Biotherapeutics, Valor Biotherapeutics, teamed up with The Leukemia & Lymphoma Society to advance its lead drug candidate IGN002 to human proof-of-concept studies

Ally Bridge Group CEO Frank Yu said, “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 well-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.”

Ally Bridge Group, which is based in Hong Kong and the US, is focused on life sciences companies in the US and China and currently has $400m under management.

Copyright © 2013 AltAssets