Numab Therapeutics AG, a clinical-stage biopharmaceutical company developing next-generation multispecific antibody-based immunotherapies for cancer and inflammation, today announced the closing of a CHF 100 million (approximately USD 110 million) Series C financing. The proceeds will be used to accelerate the advancement of pipeline of multispecific antibodies in oncology.
The financing was co-led by new investors Novo Holdings and HBM Partners, with participation from additional new investors Forbion via its Forbion Growth Opportunities Fund, Cormorant Asset Management, BVF Partners L.P., RTW Investments L.P., funds and accounts under the management of BlackRock, Octagon Capital Advisors, and existing investors. Concurrent with the financing, Nanna Lüneborg from Novo Ventures, Matthias Fehr from HBM Partners, and Carlo Incerti from Forbion have been appointed to Numab’s Board of Directors.
Proceeds will support acceleration and expansion of the clinical development of Numab’s lead program NM21-1480 into multiple cancer indications, and the advancement of the company’s pipeline of multi-specific antibodies in oncology and inflammation, into clinical trials.
“We are thrilled to be supported by such a strong group of investors who share our vision for the company’s future,” said David Urech, Ph.D., Founder and Chief Executive Officer of Numab Therapeutics. “Combining PD-L1 blockade with tumor localized 4-1BB co-stimulation in a single molecule emerges as an attractive next-generation therapeutic strategy in solid tumors, and Numab’s lead compound NM21-1480 has best-in-class potential. The financing will help us to maximize the value of this asset by significantly expanding the clinical development program and accelerating toward phase 2 proof-of-concept.”
“We are impressed by the biological insights that went into the engineering of NM21-1480 and by the innovative pipeline that Numab has established. We believe that Numab’s Lambda-cap and MATCH technologies can provide treatment options with favorable benefit-to-risk profiles,” said Matthias Fehr, Head Private Equity at HBM Partners.
“Backing companies built on clearly differentiated science in areas of major unmet medical need is at the heart of Novo Holdings' investment strategy. We are thus thrilled to co-lead Numab’s Series C financing to support the company at a pivotal stage in growth,” commented Nanna Lüneborg, Partner at Novo Ventures.