IM Therapeutics Raises $10 Million In Series A Funding
By siliconindia | Monday, 25 November 2019, 07:16 Hrs
This financing will advance Lead Drug in Type 1 Diabetes, and will also develop HLA-Targeted therapeutic platform in autoimmune disorder.
FREMONT, CA: A clinical-stage company developing personalized therapies for autoimmune disease, ImmunoMolecular Therapeutics ("IM Therapeutics") announced that it has raised10 million USD in Series A funding. It is to advance its novel HLA-targeted discovery platform and develop its lead drug candidate in Type 1 diabetes (T1D). The financing was co-led by the JDRF T1D Fund and Morningside Ventures, with participation from the Colorado University Healthcare Innovation Fund.
World-class physician scientists at the Barbara Davis Center for Diabetes, University of Colorado founded IM Therapeutics. Their research showed that blocking the action of specific human leukocyte antigen (HLA) gene variants known to be high-risk factors prevents the corresponding autoimmune response. The organization is progressing its lead oral drug, IMT-002, through IND development for type 1 diabetes and expanding its core therapeutic platform of HLA blockade to other targets of autoimmune disorders like celiac disease.
Nandan Padukone, Ph.D., CEO of IM Therapeutics says their value has been evident since the beginning, getting to the root cause of autoimmunity with a targeted therapy approach and creating an impact on diseases like type 1 diabetes. He also added they believe the expertise brought by the JDRF T1D Fund and Morningside Ventures will support them in building a broad portfolio in autoimmune disease.
JDRF T1D Fund is excited to become the lead investor in IM Therapeutics. The company's platform will become a game-changer not only for T1D but also for other autoimmune diseases. Sean Doherty, Executive Chairman, JDRF T1D Fund, and Dr. Jason Dinges, Investment Advisor, Morningside Ventures, have joined the IM Therapeutics Board of Directors.
The Company has been the first to reveal in a clinical study that treating patients based on HLA DQ8 can reduce the autoimmune response in T1D. With a strong technology platform in place that combines computational chemistry, bioassays, and rational drug design, IM Therapeutics is developing a pipeline against HLA targets in various autoimmune diseases.
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