Imago BioSciences, Inc., a San Francisco, CA-based clinical-stage biotechnology company developing innovative treatments for myeloid diseases, raised $40m in Series B financing.
The round was led by Omega Funds, with participation from existing investors Frazier Healthcare Partners, Amgen Ventures, and MRL Ventures Fund as well as HighLight Capital, Pharmaron and Greenspring Associates. In conjunction with the funding, Dr. Dina Chaya from Omega Funds will join the board of directors and Dennis Henner will remain Chairman of the Board.
The company intends to use the funds to advance the research and clinical development program of therapeutics for myelofibrosis and other myeloid neoplasms. In late 2018, Imago completed a Phase 1/2a study of IMG-7289 in patients with acute myeloid leukemia and high-risk myelodysplastic syndrome (NCT02842827). It recently initiated a global Phase 2b study in patients with myelofibrosis (NCT03136185). Additional indications for IMG-7289 are planned.
Led by Hugh Young Rienhoff, Jr. M.D., CEO, Imago BioSciences is advancing IMG-7289, a small molecule that inhibits lysine-specific demethylase 1 (LSD1 or KDM1A), an enzyme regulating cytokine expression and shown to be vital in sustaining self-renewal in cancer stem/progenitor cells, particularly neoplastic bone marrow cells.