Proceeds to advance pipeline of clinical product candidates focused on preventing cancer relapse and metastasis
HiberCell, a biotechnology company developing therapeutics focused on preventing cancer relapse and metastasis, today announced that it has completed a Series B financing round for gross proceeds of $67.4 million. Concurrent to this financing, HiberCell closed on a $30 million debt facility with Hercules Capital, Inc.
The Series B round included new investors Huizenga Capital Management, Monashee Investment Management, funds managed by Tekla Capital Management LLC, Hercules Capital, Mount Sinai Innovation Partners and other undisclosed investors. Returning investors, including ARCH Venture Partners, Magnetic Ventures, Bristol Myers Squibb, Trinitas Capital, and others from the Series A syndicate, also participated in the round. HiberCell will use the proceeds of the Series B financing and debt facility to support the clinical development of novel therapeutics targeting stress biology and innate immunity to address the role these play in prevention of cancer recurrence and metastasis.
“We are excited to have the support of these sophisticated investors, who understand that delaying or preventing cancer relapse and metastasis requires that we rethink cancer and understand the mechanistic drivers of cancer progression,” said Alan Rigby, Ph.D., Co-Founder and Chief Executive Officer of HiberCell.
“Their backing is a testament to the potential of our unique development strategy that includes: therapeutic reprogramming of the tumor immune microenvironment and modulation of innate adaptive stress responses that endow cancer cells with survival advantages. We are enthusiastic about our progress and look forward to advancing our clinical pipeline: driving Imprime PGG into two new Phase 2 trials, while generating first in human safety, tolerability and pharmacokinetic data in a Phase 1a trial with our PERK inhibitor HC-5404.”
“HiberCell has taken a pioneering approach to an evolving cancer paradigm through demonstratable expertise in defining and harnessing adaptive stress biology as well as innate immune activation with a focus on tackling cancer relapse, metastatic disease, and tumor dormancy,” said Rene Mora, MD-PhD, Portfolio Manager of Monashee Investment Management. “Addressing these mechanisms represents an unmet and promising area of anticancer drug development. We look forward to working with the company as it continues to move its differentiated pipeline forward with a focus on fighting the most common cause of cancer mortality: relapse and metastasis.”