IP Group has supported a first funding round for Carma Therapeutics, a University of Pennsylvania spinout that is working on cellular immunotherapies.
Carma Therapeutics, a biotech spinout of University of Pennsylvania, yesterday raised an undisclosed sum from a consortium featuring commercialisation firm IP Group.
The round was co-led by AbbVie Ventures, the corporate venturing subsidiary of pharmaceutical company AbbVie, and venture capital firm HealthCap. The round further included venture capital firm Grazia Equity.
Founded in 2016 by tech transfer office PCI Ventures, Carma Therapeutics is working on cellular immunotherapies to tackle cancer. The spinout’s lead drug candidate, Carma-0508, is aimed at metastatic solid tumours.
The platform uses different effector cells, other than T cells that are usually the basis of immunotherapy but have proven challenging to adapt to solid tumours.
The approach is based on research conducted by Saar Gill, assistant professor of haematology oncology in the Perelman School of Medicine.
The funding will be used to advance the development of Carma-0508. The spinout is also looking to hire a chief executive as the board’s top priority.
