Proceeds to be Used for Advancement of Cancer Stem Cells and Other
ROCKVILLE, Md., Sept. 25 /PRNewswire/ -- MacroGenics, Inc., a privately held biotechnology company that develops immunotherapeutics to treat autoimmune disorders, cancer and infectious diseases, today announced that it has raised $25 million in a Series D-2 financing. The round, led by Nextech Venture, included additional new investors Arcus Ventures, Innovis Investments and Eli Lilly and Company. Also participating in the financing were existing investors Alexandria Real Estate, Alta Partners, CIDC, InterWest Partners, Mitsubishi UFJ, OrbiMed Advisors, Red Abbey Venture Partners, RiverVest, Texas Pacific Group Ventures and Ventures West.
MacroGenics expects to use the proceeds from this financing to fund the cancer stem cell program it acquired through its acquisition of Raven Biotechnologies in July. In addition, the proceeds will be used to further advance the company's autoimmune, cancer and infectious disease product candidate portfolio, as well as for general working capital purposes. MacroGenics' most advanced product candidate is teplizumab, which is being developed in partnership with Eli Lilly and Company. Teplizumab is currently being studied in the PROTEGE trial, a global pivotal Phase II/III clinical trial for individuals with recent-onset type 1 diabetes.
"We are delighted to add Nextech Venture, Arcus Ventures and Innovis
Investments, three oncology-focused investors, as well as Eli Lilly and
Company to our roster of blue chip shareholders. Our experienced investor
syndicate provides critical support to MacroGenics as we drive our programs
through clinical development towards commercialization," commented Dr.
Scott Koenig, President and CEO of MacroGenics. "In addition, with the
recent acquisition of Raven Biotechnologies and the addition of their
exciting technologies to our own platforms, we are planning
|SOURCE MacroGenics, Inc.|
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