Imago BioSciences, a clinical-stage biotechnology company developing innovative treatments for myeloid diseases, has announced a $40 million Series B financing led by Omega Funds, an international investment firm that creates and invests in life sciences companies.
Other investors participating in the round include existing investors Frazier Healthcare Partners, Amgen Ventures, and MRL Ventures Fund as well as HighLight Capital, Pharmaron and Greenspring Associates. Dr. Dina Chaya from Omega Funds will join the board of directors and Dennis Henner will remain Chairman of the Board, representing his fund.
“Imago BioSciences is extremely gratified with the interest and support of the investment community; we are particularly pleased with the composition of this new investment syndicate,” said Hugh Young Rienhoff, Jr. M.D., CEO at Imago BioSciences. “These funds will enable Imago to advance our programs through the completion of Phase 2b studies.”
“We are excited to work with the team at Imago BioSciences, who have already demonstrated very promising results with their lead program IMG-7289 in preclinical and clinical studies,” says Dr. Dina Chaya of Omega Funds.
“Frazier, along with the full support of the Series A syndicate, were enthusiastic about this financing. We view the program to treat myeloproliferative diseases as extremely promising,” said Patrick Heron of Frazier Healthcare Partners.
Proceeds from the financing will be used to advance the research and clinical development program of therapeutics for myelofibrosis and other myeloid neoplasms. In late 2018 Imago completed a Phase 1/2a study of IMG-7289 in patients with acute myeloid leukemia and high-risk myelodysplastic syndrome (NCT02842827). Imago recently initiated a global Phase 2b study in patients with myelofibrosis (NCT03136185). Additional indications for IMG-7289 are planned.
Source: Company Press Release