Y-mAbs Therapeutics, Inc., a NYC-based immunotherapy company discovering and developing innovative treatments for patients with cancer, completed an extended closing of an additional $30m in a private equity placement.
It added institutional investors Sofinnova Ventures and Scopia Capital Management to its list of shareholders. Together, with the $50m raised in the first closing, the company has now raised $80m pursuant to this private placement round.
The proceeds of the financing will be used to advance the development of YmAbs portfolio of late-stage oncology compounds, establish sales and marketing capabilities, and bolster general working capital.
Led by Founder, Chairman and President, Thomas Gad and Dr. Claus Møller, Chief Executive Officer, YmAbs is a clinical stage biopharmaceutical company focused on developing new cancer treatments through immunotherapies. Its lead antibody programs target GD2 and B7-H3. In addition, the company utilizes its platform technologies to create next-generation humanized, affinity matured bispecific antibodies.