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Pharma Tech Outlook | Thursday, August 06, 2020
Immunomic Therapeutics is a privately-held clinical-stage biotechnology company pioneering the study of nucleic acid immunotherapy platforms
Fremont, CA: Clinical stage biotechnology company Immunomic Therapeutics closed a financing round worth USD 61.3 million led by HLB; a global pharmaceutical company focused on developing novel cancer drugs. This represents the second closing in the investment process for the HLB Consortium and substantially increases their holding in Immunomic Therapeutics to 47.6 percent of the common stock. The company also secured an option to make further investments in the company in the months ahead.
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[vendor_logo_first]Immunomic Therapeutics is a privately-held clinical-stage biotechnology company pioneering the study of nucleic acid immunotherapy platforms. "We are pleased to welcome HLB as a significant shareholder of Immunomic Therapeutics and look forward to working with them within the framework of the HLB Bio family of companies. They have a proven track record of success in Asia and share our commitment and passion for developing best-in-class therapies for cancer and other serious diseases," said Dr William Hearl, CEO of Immunomic Therapeutics. "With HLB's support, we are well-positioned to accelerate our efforts in immuno-oncology, in particular glioblastoma multiforme, and rapidly advance other key candidates in our pipeline, including our most recent initiative into infectious diseases with development of our vaccine candidate for COVID-19."
Proceeds from the financing round will be used by Immunomic Therapeutics to support the acceleration of ITI's Phase II clinical trial of ITI-1000 for the treatment of glioblastoma multiforme (GBM), advance its emerging pipeline, and expand upon the current applications of its UNITE platform. The funding will also be used for the expansion of the company's team and infrastructure to support the future growth of the company.
Also, Immunomic and HLB intend to establish an Asian Brain Cancer Research Center in Seoul that will bring together the world's leading experts and cutting-edge science to advance research in the GBM field and to deploy ITI-1000 to the Asian population. ITI-1000 is a cell therapy powered by ITI's UNITE platform that is currently being evaluated in a Phase II clinical trial (ATTAC-II) in collaboration with researchers at the University of Florida and Duke University.
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