Healthcare Industry News: metabolic disease
News Release - September 25, 2008
MacroGenics Raises $25M in Series D-2 FinancingProceeds to be Used for Advancement of Cancer Stem Cells and Other Development Programs
ROCKVILLE, Md., Sept. 25 (HSMN NewsFeed) -- MacroGenics, Inc., a privately held biotechnology company that develops immunotherapeutics to treat autoimmune disorders, cancer and infectious diseases, today announced that it has raised $25 million in a Series D-2 financing. The round, led by Nextech Venture, included additional new investors Arcus Ventures, Innovis Investments and Eli Lilly and Company. Also participating in the financing were existing investors Alexandria Real Estate, Alta Partners, CIDC, InterWest Partners, Mitsubishi UFJ, OrbiMed Advisors, Red Abbey Venture Partners, RiverVest, Texas Pacific Group Ventures and Ventures West.
MacroGenics expects to use the proceeds from this financing to fund the cancer stem cell program it acquired through its acquisition of Raven Biotechnologies in July. In addition, the proceeds will be used to further advance the company's autoimmune, cancer and infectious disease product candidate portfolio, as well as for general working capital purposes. MacroGenics' most advanced product candidate is teplizumab, which is being developed in partnership with Eli Lilly and Company. Teplizumab is currently being studied in the PROTEGE trial, a global pivotal Phase II/III clinical trial for individuals with recent-onset type 1 diabetes.
"We are delighted to add Nextech Venture, Arcus Ventures and Innovis Investments, three oncology-focused investors, as well as Eli Lilly and Company to our roster of blue chip shareholders. Our experienced investor syndicate provides critical support to MacroGenics as we drive our programs through clinical development towards commercialization," commented Dr. Scott Koenig, President and CEO of MacroGenics. "In addition, with the recent acquisition of Raven Biotechnologies and the addition of their exciting technologies to our own platforms, we are planning to use a portion of the financing proceeds to support our promising cancer stem cell program as well as the advancement of our other development programs."
"We have been very impressed with MacroGenics' management team, rich biologics pipeline, technology platforms and proprietary expertise in the area of antibody engineering. The company's recent acquisition of Raven Biotechnologies provides MacroGenics with critical mass in oncology discovery and we're very excited about MacroGenics' opportunities in cancer immunotherapy," said Myoung-Ok Kwon, Ph.D., Partner of Nextech Venture.
About MacroGenics, Inc.
Founded in 2000, MacroGenics is a private, fully-integrated biotechnology company headquartered in Rockville, Maryland that focuses on the development, manufacture and commercialization of immunotherapeutics for autoimmune disorders, cancer and infectious diseases. In October 2007, MacroGenics, Inc. and Eli Lilly and Company (NYSE: LLY ) announced a global strategic alliance to develop and commercialize teplizumab, a humanized anti-CD3 monoclonal antibody, as well as other potential next-generation anti-CD3 molecules for use in the treatment of autoimmune diseases. Teplizumab is currently being studied in the PROTEGE trial, a global pivotal Phase II/III clinical trial for individuals with recent-onset type 1 diabetes (for more information, please visit www.protegediabetes.org). In July 2008, MacroGenics acquired Raven Biotechnologies, Inc., a privately held biotechnology company in South San Francisco, California, focused on the discovery and development of monoclonal antibody therapeutics for oncology through its cancer stem cell program. MacroGenics' proprietary DART (Dual Affinity Re-Targeting) and Fc-optimization technologies offer ways to improve the function of antibodies and similar molecules. For more information about MacroGenics, please visit www.macrogenics.com.
About New Investors
Nextech Venture is a global healthcare investment manager located in Zurich, Switzerland. The firm manages three healthcare venture funds (USD 137M), and has recently launched the world's first oncology-focused fund. With its unique oncology-focused fund, Nextech Venture is a dedicated investor in leading oncology companies developing cancer drugs in Europe, the U.S. and Asia. Nextech Venture benefits from the support of an active and committed Scientific Advisory Board of highly influential oncology advisors. Nextech Venture organizes the Global Oncology Venture Event which is held annually in major cities around the globe. For more information, visit www.nextechventure.com.
Arcus Ventures consists of a team of professionals with experience in clinical oncology and academic medicine, drug development, hospital management, healthcare industry consulting and private equity. Arcus Ventures is dedicated to investing in oncology focused companies with innovative biopharmaceuticals and or new drug delivery product(s) that have pre-marketing approval and service companies with revenue. For more information, visit www.arcusventures.com.
Innovis Investments, located in Irvine, California and Brisbane, Australia, manages and advises two life science funds with focus on private and public companies in Biotechnology, Pharmaceuticals and Healthcare. Innovis Investments has a diverse and integrated team with a strong operational presence in the U.S. and Pacific Rim countries where half of its portfolio companies are located. Innovis Investments supports companies in all life science disciplines, but emphasizes companies in the therapeutics sector that develop biologic drugs for the treatment of metabolic diseases, inflammation and oncology. For more information, please contact email@example.com.
Eli Lilly and Company, a leading innovation-driven corporation, is developing a growing portfolio of first-in-class and best-in-class pharmaceutical products by applying the latest research from its own worldwide laboratories and from collaborations with eminent scientific organizations. Headquartered in Indianapolis, Ind., Lilly provides answers -- through medicines and information -- for some of the world's most urgent medical needs. Additional information about Lilly is available at www.lilly.com.
Statements made in this news release that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "expects," "believes," "intends" and similar expressions are intended to identify forward-looking statements. Actual results may differ materially from those projected in any forward- looking statement. Specifically, there are a number of important factors that could cause actual results to differ materially from those anticipated, such as MacroGenics' ability to raise additional capital and risks related to its ability to initiate, and enroll patients in, planned clinical trials. You should not place undue reliance on any forward-looking statements. MacroGenics assumes no obligation to update any forward-looking statements as a result of new information, future events or developments, except as required by law.
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