A San Francisco-based biopharmaceutical firm has raised $80 million that it’s going to use to finish part III research of its therapy for a category of blood and bone-marrow issues referred to as myeloproliferative neoplasms.
Based in 2012, Imago Biosciences hopes to finish no less than one part III examine by 2025. The newest funding spherical, a Sequence C, ought to carry it via, in line with Dr. Hugh Younger Rienhoff Jr., the corporate’s founder and CEO.
The corporate is also contemplating going public in 2021, Rienhoff stated in a cellphone interview. The extra proceeds would enable Imago to finish and pursue further research.
“It will be good to have as a result of it will give us the flexibleness,” he stated.
Imago’s remedy is a small molecule referred to as bomedemstat. It’s presently being investigated in a pair of part IIb trials for the therapy of a uncommon blood most cancers referred to as myelofibrosis and of important thrombocythemia, a continual blood dysfunction that causes the physique to supply extra platelets, growing the chance of blood clots.
It is also being evaluated in open-label Part II trials for the therapy of superior myelofibrosis and polycythemia vera, a uncommon bone-marrow most cancers.
The drug works by inhibiting an enzyme referred to as lysine-specific demethylase, or LSD1, which performs a task within the development of the illnesses for which bomedemstat is indicated
The Meals and Drug Administration has given bomedemstat breakthrough and orphan drug designation for each indications, whereas the European Medicines Company has given the remedy PRIME designation for the therapy of myelofibrosis.
The brand new investments would assist a part III trial for no less than one of many two indications, Rienhoff stated. They presently could be handled by a drug referred to as ruxolitinib. However some sufferers could also be proof against or unable to tolerate the drug.
Rienhoff stated research of bomedemstat are exhibiting it may possibly improve the survival price for sufferers by stopping their circumstances from getting worse.
“That’s actually what the following technology of myofibrosis medication ought to intention to do,” Rienhoff stated.
Imago employs about 20 individuals full time, in addition to 10 to fifteen contract staff, Rienhoff added.
The corporate’s Sequence C spherical was led by Farallon Capital Administration. Contributors included Surveyor Capital, Irving Traders, Kindgon Capital Administration, and funds and accounts suggested by T. Rowe Value Associates, in addition to funds and accounts managed by Blackrock Advisors.
Earlier buyers additionally took half. They embody Blackstone Life Sciences, Frazier Healthcare Companions, Amgen Ventures, MRL Ventures Fund, HighLight Capital, Pharmaron Investments, Greenspring Associates, Xeraya Capital and Omega Funds, which led a $40 million Sequence B spherical for Imago in 2019.
A Sequence A spherical in 2014, led by Clarus Ventures, raised $26.5 million. Clarus was acquired by The Blackstone Group in 2018.
Imago is just not Rienhoff’s first startup. He beforehand launched and led an organization referred to as FerroKin BioSciences, which was bought to Eire-based Shire in 2012 for about $325 million.
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