Lead Cancer Stem Cell Product Candidate Enters Clinical Trials
REDWOOD CITY, Calif., Nov. 4 /PRNewswire/ -- OncoMed Pharmaceuticals, a clinical-stage company developing novel antibody therapeutics that target cancer stem cells, today announced the successful completion of the final tranche of its Series B financing round, raising $93 million. This tranche brings the total Series B financing to $154 million. New investor Nomura Phase4 Ventures participated in the financing along with existing OncoMed investors.
Proceeds from the financing will support the advancement of OncoMed's proprietary cancer stem cell antibody programs, including lead compound OMP- 21M18 and a second antibody, through Phase II clinical trials. OncoMed investors include top-tier venture capital firms US Venture Partners, Latterell Venture Partners, The Vertical Group, Morgenthaler Ventures, Adams Street Partners, DeNovo Ventures and Bay Partners, as well as its strategic collaborator, GlaxoSmithKline.
"We are pleased to have completed this financing and to add Nomura Phase4 Ventures to our highly-regarded list of investors," said Paul Hastings, OncoMed's President and Chief Executive Officer. "These funds provide the company with multiple years of operating cash, and will enable OncoMed to take two cancer stem cell antibody therapeutics through Phase II clinical trials, as well as to expand our monoclonal antibody pipeline."
"Cancer stem cells appear to be a promising target for cancer treatment and OncoMed is a leader in the discovery of anti-cancer stem cell antibodies. We are pleased to support their development efforts through this investment," said Denise Pollard-Knight, Ph.D., Managing Director of Nomura Phase4 Ventures.
OMP-21M18 Enters Human Clinical Trials
OncoMed's lead anti-cancer stem cell antibody, OMP-21M18, entered human
clinical studies earlier this year with the initiation of a Phase I trial
in patients with advanced solid tum
|SOURCE OncoMed Pharmaceuticals|
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