AbGenomics International Inc. has Raised $11 Million For Advancing its Therapeutic Antibodies for Autoimmune Diseases and Cancers
LOS ALTOS, Calif., June 22, 2012 /PRNewswire-iReach/ — AbGenomics International announced today that it has raised $11 million in current financing round. It brings total investment in AbGenomics to approximately $52 million since its inception in 2000.
AbGenomics will use the proceeds to continue advancing its therapeutic antibodies for autoimmune diseases and cancers. AbGenomics’ lead drug candidate AbGn-168H, a humanized monoclonal antibody that induces death of pathogenic activated T cells for the treatment of autoimmune diseases, will enter Phase II clinical trials in 3Q, 2012. The company’s second candidate, AbGn-7, is a therapeutic antibody currently in Phase 1 clinical trials for the treatment of stomach tumors. The company plans to advance third therapeutic candidate, AbGn-107, a novel antibody drug conjugate, into phase-I clinical trial for the treatment of pancreatic and stomach tumors next year.
“We are delighted to have the continuing support of our investors. This round of financing will provide AbGenomics additional capital to continue its clinical-stage programs through proof of concept for addressing major unmet needs in autoimmune diseases and GI cancers.” said Dr. Rong-Hwa Lin, Founder and CEO of AbGenomics.
About AbGenomics (www.abgenomics.com)
AbGenomics is a biopharmaceutical company focused on the discovery and development of novel medicines to treat diseases with unmet medical need and significant market potential. Currently, the company has two therapeutic candidates in clinical trials. Headquartered in San Francisco Bay Area, U.S., AbGenomics has subsidiaries in the Netherlands and in Taiwan. The Company’s strategy is to commercialize its novel products in collaboration with major pharmaceutical partners in order to maximize the opportunity for development and marketing of the Company’s compounds.
RUTH LI AbGenomics International Inc., 650-988-9912, ABG@ABGENOMICS.COM
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SOURCE AbGenomics International, Inc.