ImmuneXcite, a Lexington, Mass.-based biopharmaceutical company focused on developing transformative immuno-oncology products that utilize the power of both the innate and adaptive immune response, completed an $8.6m Series A-1 financing.
Backers included Cormorant Asset Management, Sanofi-Genzyme BioVentures, and Partners Innovation Fund.
The company plans to use the funds to complete studies that will enable selection of a lead program to advance into clinical trials.
ImmuneXcite is a biotech company that is developing immune-activating anti-tumor biotherapeutics against a wide range of cancers using a novel immunotherapy platform. The mAbXcite platform develops novel therapies that recruit complement and neutrophils, the first responders of the immune system, to mount a natural and potent attack on cancer cells. The company has several lead drug candidates.
In conjunction with the financing, Eric Furfine, Ph.D. was appointed Chief Scientific Officer, acting Chief Executive Officer and will serve as a member of the Board. In addition, the company further expanded its Board with drug industry veterans Jim Geraghty and John Edwards, the latter who will serve as Executive Chairman. Ann DeWitt from Sanofi-Genzyme BioVentures will also join the board. In addition, Ifat Rubin-Bejerano, ImmuneXcite’s scientific co-founder and inventor of the company’s technology platform has been named Head of Research.