Published on September 22, 2011 at 6:16 AM
Zymeworks Inc., a privately held biotherapeutics company focused on the development of best-in-class antibody and next generation protein-based therapeutics, today announced the completion of a financing totaling $8.1 million. The financing consists of a follow-on round of institutional investment by CTI Life Sciences Fund, L.P. ("CTI"), as well as a new investment by Advanced Biotechnologies Venture Fund ("ABVF") and investments by several existing private shareholders. Further financial terms are not disclosed. Zymeworks will use the proceeds to advance its Azymetric™ and AlbuCORE™ platforms, as well as the development of Zymeworks' best-in-class protein therapeutics pipeline in the areas of cancer, autoimmunity and inflammatory diseases.
"We are thrilled to receive CTI's ongoing support, and to be able to announce this financing close on the heels of our strategic collaboration with Merck," says Dr. Ali Tehrani, President and CEO of Zymeworks. "The continued support of CTI, as well as the ongoing commitment of our existing investor base and investment by ABVF will allow us to further advance our Azymetric™, AlbuCORE™ and EFECT™ platforms, to accelerate the development of our protein therapeutics pipeline, and to ultimately make a difference in the lives of patients across the globe."
"We are very excited to welcome ABVF as a shareholder, and to be able to represent ABVF's initial portfolio investment," says Mr. Neil Klompas, Chief Financial Officer of Zymeworks. "ABVF's investment in Zymeworks and the strong backing of CTI and our other shareholders, in combination with our recently announced collaboration with Merck, provide planning certainty and will allow us to maximize shareholder value as we advance our biotherapeutics technology platforms into subsequent commercial collaborations."
"Zymeworks has made significant advances in its antibody and protein-therapeutics engineering platforms. In light of the recent announcement of a deal with Merck and key internal milestones related to its platform technologies, we remain enthusiastic about Zymeworks' unique approach to developing best-in-class biologics, and look forward to being a part of Zymeworks' future success," says Dr. Shermaine Tilley, Partner at CTI Life Sciences Fund.
Source: Zymeworks Inc.