IGM Biosciences Announces $102 Million Series C Financing to Advance its IgM Antibody Platform and Pipeline
IGM Biosciences, Inc. (IGM), a privately held biotechnology company and a global leader in the research and development of engineered IgM antibodies for therapeutic use, today announced the closing of its $102 million Series C financing. New investors included Redmile Group, Janus Henderson Investors, Vivo Capital and another large U.S.-based, healthcare-focused fund. Haldor Topsøe Holding A/S, which has funded IGM since 2010, also participated in the round.
“We are very pleased to have the support of these sophisticated healthcare-focused investors,” said Fred Schwarzer, Chief Executive Officer of IGM Biosciences. “We look forward to working with them to realize the potential of our IgM platform to deliver new therapeutic treatments to patients with cancer.”
Proceeds from this financing will be used to advance the Company’s IgM platform technology and its proprietary oncology pipeline, including its lead program, a CD20 x CD3 bispecific antibody, which is expected to enter the clinic later this year.
About IGM Biosciences, Inc.
Headquartered in Mountain View, California, IGM Biosciences, Inc. is a privately held biotechnology company that is focused on creating and developing engineered IgM antibodies for the treatment of cancer patients. Since 2010, IGM has worked to overcome the manufacturing and protein engineering hurdles that have limited the therapeutic use of IgM antibodies, and IGM believes it has the most advanced research and development program focused on engineered IgM antibodies. Through its efforts, IGM Biosciences has created a proprietary IgM technology platform for the development of IgM antibodies for those clinical indications where their inherent advantages may provide superior performance, as compared to IgG antibodies. For more information about IGM Biosciences, its technologies and its antibody pipeline, please visit www.igmbio.com.
This press release contains forward-looking statements. These forward-looking statements are based on management’s expectations and are subject to certain factors, risks and uncertainties that may cause actual results, outcome of events, timing and performance to differ materially from those expressed or implied by such statements. The information contained in this press release is believed to be current as of the date of original issue. IGM Biosciences expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based.