Imara closes $63m Series B cross-over financing

The fundraise was co-led by new investors OrbiMed Advisors and Arix Bioscience plc and included investment from RA Capital and Rock Springs Capital. Existing investors New Enterprise Associates, Pfizer Venture Investments, Lundbeckfonden Ventures, Bay City Capital, and Alexandria Venture Investments also participated.

Proceeds from the investment will be used to advance the company’s lead program with IMR-687, currently in a multi-national Phase 2a clinical trial, into later-stage clinical trials, fund development of IMR-687 as a potential treatment for thalassemia, and expand the company’s pipeline.

“This is a transformative financing for Imara – one that will allow us to greatly expand our sickle cell disease clinical development, widen our reach into thalassemia, and build an exciting pipeline,” said Rahul D. Ballal, Ph.D., Chief Executive Officer of Imara. “We are pleased to be working with leading investors who share our vision for creating a company that helps change the lives of patients living with SCD and other hemoglobinopathies. We look forward to our upcoming clinical data analyses, engaging our clinical investigators, and working closely with the SCD community to make a positive impact in this challenging disease.”

“Imara’s clinical candidate for sickle cell disease could represent a significant step forward in a treatment paradigm that’s been languishing for decades,” said David Bonita, M.D., Partner at OrbiMed Advisors. “By working on both the white-cell and red-cell aspects of the disease, we believe IMR-687 is poised to bring needed advancements to patients with SCD. We are pleased to invest in Imara and support expansion to new disease areas and pipeline efforts.”

Mark Chin, Investment Director at Arix Bioscience continued by saying, “Rahul and the growing executive team have impressed us with their focus on meaningful clinical development and deep engagement with the SCD community. This financing is an important milestone for Imara as it seeks to progress its treatments to patients. We are looking forward to working with the management team to build a leading company in the hemoglobinopathy space.”

Joining Imara’s board of directors in connection with the financing are: David Bonita M.D., a Partner at OrbiMed and Arix Bioscience’s Investment Director Mark Chin. John Cassidy, Ph.D., Investment Associate at Arix Bioscience and Matthew Hammond, Ph.D., Principal at RA Capital, will join as observers.

Source: Company Press Release