ImmunGene collects $9m series A

ImmunGene, a life sciences firm based in California, has raised $9m in series A backing through investment platform Ally Bridge Group.

The biotech, which is developing antibody-cytokine fusion technology therapies to treat cancer, is a spin-out of the University of California Los Angeles (UCLA). ImmunGene plans to use the latest funding to advance its products into further studies.

As part of the deal, ImmunGene welcomed two new members to its board of directors: Ally Bridge founder and chief executive Frank Yu and UCLA visiting scholar Mike Gresser.

ImmunGene’s funding comes shortly after the firm secured three patents. Two cover the technology which assists in targeting tumours with interferons (proteins released by host cells in response to viruses, bacteria, and tumours). The third covers an antibody which can target a number of different tumours.

Sanjay Khare, chief executive of ImmunGene, said: “We are very excited about this financing, which will allow us to continue to advance our early-stage pipeline drug candidates. We are also very pleased with the issuance of the new patents from the USPTO, because it strengthens our intellectual property position around our novel antibody-fusion proteins. ImmunGene continues to push toward our target of an IND filing and initiation of a phase I clinical trial for IGN002, our lead product candidate in the joint venture with Valor Biotherapeutics, in the next 12 to 18 months.”