Carisma charms investors into $53m series A

Carisma Therapeutics, a US-based immunotherapy developer spun out from University of Pennsylvania, closed a $53m series A round today that featured Penn Medicine, the university-owned health system.
Commercialisation firm IP Group also contributed to the round, which was co-led by AbbVie Ventures, the corporate venturing division of pharmaceutical firm AbbVie, and VC firm HealthCap.
Other investors included MRL Ventures Fund, operated by pharmaceutical company Merck & Co’s Merck Research Laboratories division, as well as Grazia Equity, Wellington Partners, TPG Biotech and Agent Capital.
Founded in 2016 as Carma Therapeutics, Carisma is working on immunotherapies that both kill targeted cancer cells directly and generate an adaptive immune response. The spinout is initially focusing on solid tumours and is aiming to launch clinical development in 2019.
The approach is based on research by co-founders Saar Gill, assistant professor of haematology-oncology in the Abramson Cancer Center, and Michael Klichinsky, a PhD candidate in systems pharmacology and translational therapeutics.
The series A funding will enable Carisma to expand its technology platform and move towards clinical development.
Carisma previously raised an undisclosed amount in a June 2017 round co-led by AbbVie Ventures and HealthCap, with support from IP Group and Grazia Equity. Penn Medicine was identified as a returning investor for the series A round, but details about its previous involvement are unclear.
Steven Kelly, chief executive of Carisma, said: “We are thrilled about the composition of our financing syndicate, which brings varied and deep experience in cell and gene therapy to further support our research and development efforts.”