immatics biotechnologies, a biopharmaceutical company developing advanced therapeutic vaccines that are active against cancer, has raised EUR53.8m in a series C financing round.
The new funds will allow the company to finance the ongoing development of immatics’ existing pipeline of advanced therapeutic cancer vaccine candidates.
In particular, it allows the company to perform a Phase III pivotal trial of its lead product IMA901, which in data reported in June at ASCO demonstrated the potential to confer an overall survival benefit in patients with advanced renal cell carcinoma.
The series C round was supported by both existing and new investors. Approximately half of the funds came from dievini Hopp Biotech holding, Wellington Partners and other existing shareholders; the other half came from new investors MIG-advised funds and AT Impf.
Upon the completion of the round Matthias Kromayer from MIG will join the immatics board. dievini Hopp BioTech holding remains immatics’ largest shareholder following this financing.
Paul Higham, chief executive of immatics, says: “Attracting such financial backing from leading European biotech investors demonstrates a strong belief in our company and development programs. With this financing now in place, we can fully focus on the further clinical development of our three leading cancer vaccine programmes. Importantly, we are now able to move our lead program, IMA901 in renal cell carcinoma into a Phase III pivotal study by the end of this year, a key step in bringing promising novel therapeutic vaccines to cancer patients.”
Kromayer adds: “It is increasingly clear that therapeutic vaccines have the potential to revolutionise the treatment of cancer. We were very impressed by the Phase II results immatics generated with IMA901 and saw in the management team and in their plans, a clear route to a high increase in the value of the company. With the company’s approach to rationally designed vaccines, we believe immatics is very well placed to become a leader in this fast emerging area and make a real impact on the lives of cancer patients.”
