ImmunGene raises $9M
Thousand Oaks-based ImmunGene, a cancer treatment firm led by a former Amgen scientist, has raised $9 million from Ally Bridge Group, an investment group with ties to Hong Kong.
ImmunGene’s so-called antibody-cytokine fusion technology could help improve the cancer-cell targeting in therapies. President and CEO Sanjay D. Khare was formerly the scientific director at Amgen, the biotech giant. Prior to the funding, ImmunGene had received several hundred thousand dollars in federal research grants.
ImmunGene will add two new directors, Frank Yu and Mike Gresser, to its board in connection with the funding, according to a press release. Yu is the CEO of Ally, and Gresser was previously a member of ImmunGene’s scientific advisory board.
ImmunGene recently secured three patents on its technology. The company’s previous investments were converted into Series A preferred stock. “Ally Bridge Group is well-prepared to make additional investments in ImmunGene and is committed to assisting the company in its strategic development going forward,” Yu said in a statement.
