ImmVira announced its signing of Series C+ financing and negotiation with further investors for the round
SHENZHEN, China, Oct. 26, 2022 /PRNewswire/ -- ImmVira announced its successful signing of Series-C+ financing transaction documents with the first batch of investors recently. This round of financing was initiated by China Merchants China Direct Investments Limited with participation of Lifebay and Unifortune Group. To facilitate a number of ongoing follow investor's continued interest, the Company will keep the round open for a period of not more than two months. Interested investors can follow the agreed-on valuation and terms reached by lead investor and Company.
Dr. Grace Zhou, Chairwoman and CEO of ImmVira said, "We appreciate recognition and trust from our investors in the current challenging capital market environment. The successful signing with the lead investor as well as continuous indication of interest from a number of co-investors is a meaningful representation of the potential value of ImmVira. We intend to use this capital to make new breakthroughs in vector-as a delivery mechanism treatments and further advance our OvPENS new drug development platform. We believe ImmVira's unique insights in application of vector-based treatments represent a distinctive exceptional return to risk for our shareholder partners. "
ImmVira has made numerous progress and breakthroughs since the closing of Series C financing. For pipeline research and development, MVR-T3011 IT (intratumoral injection) program is accelerating Phase II clinical study in the U.S. and China with encouraging efficacy-related immune signals identified in HNC, sarcoma, and along with other indications; MVR-T3011 IV (intravenous injection) program has achieved preliminary robust safety results and validated clinical biological activities in Phase I clinical study in U.S. and China; MVR-C5252 (targeting Glioma) program has successfully obtained IND clearance and ODD from FDA, and will initiate clinical trial shortly; MVR-T7 series (combo with CAR-T/ADC/BiTE) program has completed in-house pilot-scale manufacturing, and is currently under negotiation with multiple partners for IND application of combination treatment; In addition, Company has officially launched its non-viral vector - engineered exosome pipelines with completion of first three product design and is expediting CMC development and IND filing process.
In areas of business collaborations, Company has established a clinical research partnership with Roche and will conduct clinical study on the combination therapy of MVR-T3011 IT and Roche's MEK inhibitor Cobimetinib in the U.S.; and has reached a co-develop agreement with China Resources Biopharmaceutical Co., Ltd to jointly promote the clinical development of MVR-C5252 targeting glioma in the Greater China.
The funds raised from this round of financing will be mainly used to support the clinical trials of mono and combo therapies of three pipelines under clinical stage in both U.S. and China, the subsequent IND applications of oncolytic virus and exosome product pipelines, and the discovery and PoC of new candidates, and enhancements to the OvPENS technology platform.
ImmVira is a biotechnology company focused on development of new generation novel drug vectors driven by clinical benefits in oncology and non-oncology fields. Leveraging naturally evolved delivery mechanisms and proprietary precise gene engineering technology, our products include replicating and non-replicating herpes simplex virus vector and drug delivery exosome. The company has developed science, technology and know-how to support ongoing research, development and commercialization of best-in-class mono and combo therapies on the OVPENS (Open Vector+ Potent, Enabling, Novel & Safe) platform.
Our clinical stage and development stage pipelines target a wide range of solid tumors and hematologic malignancies as an initial validation of vector capability in oncology, to be used as single agent or combination treatment solutions for cancer patients at different stages, unresponsive to immunotherapy or with rare tumors, by various administration methods including intratumoral, as well as first-in-class intravenous and intraperitoneal/pleural/vesical injections. The first three oncolytic virus products are undergoing six Phase I or Phase II clinical trials in both United States and China.
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