ImmunGene, Inc., a biotechnology company focused on developing antibody-cytokine fusion technology therapies to treat cancer, today announced it has secured $9 million in a milestone-based Series A financing from Ally Bridge Group. Previous investments in the Company were converted into Series A preferred stock. ImmunGene will use the capital to advance its early-stage development products to IND-enabling studies.
"ImmunGene, run by a team of excellent scientists from Amgen, Baxter, Genentech and Seattle Genetics, breaks new ground in the empowered antibody therapeutics space. Through antibody-interferon fusion, ImmunGene's technology triggers additional mechanisms of action (MOAs) in killing tumors. With this unique platform technology, ImmunGene has a well-diversified portfolio of therapeutic candidates, which enables multiple shots on goal," said Frank Yu, Founder and CEO of Ally Bridge Group. "Ally Bridge Group is well-prepared to make additional investments in ImmunGene and is committed to assisting the Company in its strategic development going forward."
In conjunction with the financing, ImmunGene added two new members to its board of directors: Frank Yu and Mike Gresser, PhD. Mr. Yu is Founder and CEO of Ally Bridge Group, a global healthcare-focused investment group with bases in Hong Kong and the United States, and Themes Investment Partners, a China-focused private equity fund. Under Mr. Yu's leadership, Ally Bridge and Themes have invested in multiple life sciences companies in China and the U.S. Prior to Ally Bridge and Themes, he was Managing Director and Head of China Investments at Och-Ziff Capital Management, a leading global hedge fund. Previously, Mr. Yu was a Managing Director at Goldman Sachs where he played an instrumental role in a series of landmark financing and merger and acquisition transactions. Dr. Gresser, a member of ImmunGene's scientific advisory board, has more than 25 years experience in industry, including 12 years at the Merck Frosst Center for Therapeutic Research and eight years at Amgen as Vice President and Head of Inflammation and Neuroscience Research Therapeutic Areas. Presently he is a visiting scholar at the Molecular Biology Institute at UCLA and Chief Scientific Officer of Myelin Repair Foundation, a non-profit organization.