Imago BioSciences Announces $40 Million Series B Financing Led by Omega Funds
Imago BioSciences, Inc., a clinical-stage biotechnology company developing innovative treatments for myeloid diseases, today announced a $40 million Series B financing led by Omega Funds, a leading 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.
IMG-7289 is a small molecule developed by Imago BioSciences that inhibits lysine-specific demethylase 1 (LSD1 or KDM1A), an enzyme regulating cytokine expression and shown to be vital in sustaining self-renewal in cancer stem/progenitor cells, particularly neoplastic bone marrow cells. In non-clinical studies, IMG-7289 demonstrated robust in vivo anti-tumor efficacy across a range of myeloid malignancies and models of myeloproliferative neoplasms as a single agent and in combination with other therapeutic agents. IMG-7289 also shows activity against solid tumors in combination with other agents in non-clinical models.
About Imago BioSciences
Imago BioSciences is a clinical-stage, venture-backed pharmaceutical company focused on improving the management of proliferative diseases of the bone marrow and modulation of the immune system. The company is currently focused on neoplastic diseases of the bone marrow including acute myeloid leukemia, myelodysplastic syndrome, polycythemia vera, myelofibrosis and essential thrombocythemia. The company is based in California.
Please see the website at www.imagobio.com for additional information.
About Omega Funds
Founded in 2004, Omega Funds is a leading international investment firm that creates and invests in life sciences companies that address our world’s most urgent medical needs. Having raised more than $1 billion since its inception, Omega specializes in identifying and powering companies through value inflection points across the full arc of innovation, from company formation through clinical milestones and commercial adoption. Omega Funds' portfolio companies have brought 33 products to market in multiple therapeutic areas, including oncology, rare diseases, precision medicine and others.
Please see the website at www.omegafunds.net for additional information.
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