The new financing will enable Imvax to continue clinical development of its lead product candidate IGV-001 for treatment of glioblastoma multiforme through phase II clinical trials.
Imvax, the Irish-led cancer therapy firm, has raised $112m (€98m) in Series C funding to advance a potential vaccine for solid tumour cancers, the key product in its clinical-stage pipeline.
The company is led by Irishman John Furey, who joined the company last September, and raised $40 million across series A and B rounds in 2017 and 2019.
After graduating from Trinity College, Mr Furey spent a decade working for Pfizer where he eventually led its vaccine business unit in Beijing.
Imvax is a clinical-stage biotechnology company which is committed to revolutionising immunotherapy for patients with devastating and intractable solid tumor cancers.
The Philadelphia-based company will use the money to start a phase 2 trial in glioblastoma multiforme patients early next year. The rest of the money will support the broadening of Imvax’s R&D activities, including work toward planned 2021 trials in additional solid tumors and the expansion of its manufacturing capabilities.
“This funding positions us to advance IGV-001 through the next stage of clinical development in glioblastoma, explore other solid tumor indications, and start the build out of additional capabilities needed to operationalise our unique approach to delivering this therapy”
The American Association of Neurological Surgeons calls glioblastoma “a devastating brain cancer that typically results in death in the first 15 months after diagnosis”. Gliomas – tumours found in the brain and spinal cord – have proved particularly resistant to traditional cancer therapies.
“The tremendous response to this round of fundraising reflects the promising results from our Phase 1b trial in glioblastoma which validate the potential of IGV-001 to be a life-changing therapy for patients with malignant gliomas,” said John Furey, CEO of Imvax.
“This funding positions us to advance IGV-001 through the next stage of clinical development in glioblastoma, explore other solid tumor indications, and start the build out of additional capabilities needed to operationalise our unique approach to delivering this therapy.
“We look forward to creating additional value for our stakeholders and ultimately delivering on our goal of improving outcomes for people living with devastating and intractable solid tumor cancers,” he added.
The latest funding round was led by existing investor HP Wild Holding, which is led by Dr Hans-Peter Wild, the owner of the Capri Sun brand. Other participants included Ziff Capital Partners, Magnetar Capital, TLP Investment Partners and a new institutional investor Invus.
By Stephen Larkin
Published: 21 July, 2020