Imago BioSciences, Inc., a clinical-stage biotechnology company developing innovative treatments for myeloid diseases, has announced a $40 million Series B financing led by Omega Funds, a leading international investment firm that creates and invests in life sciences companies.
Xeraya Capital has committed a further $5 million to the round and has joined existing investors Frazier Healthcare Partners, Amgen Ventures, MRL Ventures Fund as well as HighLight Capital, Pharmaron and Greenspring Associates. Dr. Dina Chaya from Omega Funds will join the board of directors and Dennis Henner will remain Chairman of the Board, representing his fund.
“Imago BioSciences is extremely gratified with the interest and support of the investment community; we are particularly pleased with the composition of this new investment syndicate,” said Hugh Young Rienhoff, Jr. M.D., CEO at Imago BioSciences. “These funds will enable Imago to advance our programs through the completion of Phase 2b studies.”
“As a venture capital fund specializing in the life sciences, Xeraya Capital is constantly searching for companies that have novel drug developments addressing areas of unmet medical need. The technical approach taken by Imago, the team and development progress to date are impressive. We are also very pleased to be supporting the company alongside a syndicate of world class life science investors,” added Fares Zahir, CEO Xeraya Capital.
Proceeds from the financing will be used 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). Imago recently initiated a global Phase 2b study in patients with myelofibrosis (NCT03136185). Additional indications for IMG-7289 are planned.
About IMG-7289
IMG-7289 is a small molecule developed by Imago BioSciences 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. In non-clinical studies, IMG-7289 demonstrated robust in vivo anti-tumor efficacy across a range of myeloid malignancies and models of myeloproliferative neoplasms as a single agent and in combination with other therapeutic agents. IMG-7289 also shows activity against solid tumors in combination with other agents in non-clinical models.
About Imago BioSciences
Imago BioSciences is a clinical-stage, venture-backed pharmaceutical company focused on improving the management of proliferative diseases of the bone marrow and modulation of the immune system. The company is currently focused on neoplastic diseases of the bone marrow including acute myeloid leukemia, myelodysplastic syndrome, polycythemia vera, myelofibrosis and essential thrombocythemia. The company is based in California.
Please see the website at www.imagobio.com for additional information.
