ImmunoMolecular Therapeutics, a Woburn, MA- and Aurora, Colo.-based clinical stage company developing personalized therapies for autoimmune disease, raised $10m in Series A financing.
The round was co-led by the JDRF T1D Fund and Morningside Ventures, with participation from the Colorado University Healthcare Innovation Fund. In conjunction with the funding, Sean Doherty, Executive Chairman, JDRF T1D Fund and Dr. Jason Dinges, Investment Advisor, Morningside Ventures, have joined the IM Therapeutics Board of Directors.
The company intends to use the funds to advance its novel HLA-targeted discovery platform and develop its lead drug candidate in type 1 diabetes (T1D).
Led by Nandan Padukone, Ph.D., CEO, IM Therapeutics is developing personalized medicines for autoimmune diseases by building oral drug therapies against human leukocyte antigen (HLA) variants that confer high risk of disease. The company’s platform screens millions of compounds for optimal docking within HLA proteins together with rational drug design and bioassays to develop targeted therapeutic candidates.
Its lead drug, IMT-002, is directed at HLA DQ8 activity for treatment of type 1 diabetes.
The company is building a broad pipeline of drugs against HLA targets in autoimmune disorders including celiac disease.