Quantcast

Imago BioSciences Announces $40 Million Series B Financing Led by Omega Funds

SAN FRANCISCO–(BUSINESS WIRE)–Imago BioSciences, Inc., a clinical-stage biotechnology company
developing innovative treatments for myeloid diseases, today announced a
$40 million Series B financing led by Omega Funds, a leading
international investment firm that creates and invests in life sciences
companies. Other investors participating in the round include existing
investors Frazier Healthcare Partners, Amgen Ventures, and 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.”

“We are excited to work with the team at Imago BioSciences, who have
already demonstrated very promising results with their lead program
IMG-7289 in preclinical and clinical studies,” says Dr. Dina Chaya of
Omega Funds.

“Frazier, along with the full support of the Series A syndicate, were
enthusiastic about this financing. We view the program to treat
myeloproliferative diseases as extremely promising,” said Patrick Heron
of Frazier Healthcare Partners.

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.

Read the full article

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.