Mersana Therapeutics Inc., a Cambridge, MA-based biopharmaceutical company, has raised $27m in Series A-1 financing.
The round was led by new investor New Enterprise Associates with participation from new investor Pfizer Venture Investments and existing investors Fidelity Biosciences, ProQuest Investments, Rho Ventures and Harris and Harris Group.
The company intends to use the proceeds to advance its ADC technology and to generate a pipeline of proprietary next-generation ADCs.
Led by Nicholas Bacopoulos, Ph.D., President and CEO, Mersana Therapeutics develops an antibody-drug conjugate (ADC) platform (Fleximer®) and a pipeline of small molecule conjugates that allow for the attachment and controlled release of a broad range of anti-tumor payloads.
The company is advancing two small molecule conjugates:
– XMT-1001, a novel “tecan” conjugate that is currently being investigated in a Phase 1b extension trial in patients with lung cancers; and
– XMT-1107, an anti-angiogenic conjugate that is currently in a Phase 1 trial in patients with refractory, advanced solid tumors, which was licensed to Teva Pharmaceutical Industries Ltd. on a worldwide basis, except for Japan, where Mersana elected to retain rights.
In conjunction with the funding, NEA General Partner David Mott will become Chairman of Mersana’s board, and Sara Nayeem, a principal at NEA, will become a director.