OncoMed raises $93 Million in Series B funding

Printer Print Email Email
Bangalore: California based clinical-stage company OncoMed Pharmaceuticals has raised $93 million in a Series B financing round from Nomura Phase4 Ventures. Currently, the company's investors include, top-tier venture capital firms US Venture Partners, Latterell Venture Partners, The Vertical Group, Morgenthaler Ventures, Adams Street Partners, DeNovo Ventures and Bay Partners, as well as its strategic collaborator, GlaxoSmithKline (GSK). The financing will enable it to will support the advancement of OncoMed's proprietary cancer stem cell antibody programs, including lead compound OMP-21M18 and a second antibody, through Phase II clinical trials. In December 2007 OncoMed formed a major collaboration to develop cancer stem cell-targeted drugs. Its agreement with GSK calls for OncoMed to develop antibodies through clinical proof-of-concept studies. Once OncoMed has proven the concept of a drug in agreed indications, GSK will have an exclusive option to license the product and fund its further development. OncoMed, which could take in up to $1.4 billion in milestones through the deal, has already taken in equity and non-equity financing from GSK. Apart from Nomura, there are other venture-backed companies taking aim at cancer stem cells which include MacroGenics, which acquired cancer stem cell drug maker Raven Biotechnologies in July.

Digital Supply Chain Transformation – Winning the AI/ML Way