Apexigen Secures $20 Million Series A1 Financing
BURLINGAME, Calif., Aug. 6, 2013 /PRNewswire/ -- Apexigen Inc., a biopharmaceutical company dedicated to discovering and developing innovative antibody-based drugs for the treatment of serious diseases, announced today that it has secured $20 million in Series A1 financing. The funding will be used to advance the development of APX005, an immunotherapeutic for the treatment of cancers, and to support the development of additional pipeline programs.
"We are very pleased and gratified by the response and support from our investors. The level of interest and enthusiasm in Apexigen, as seen in the oversubscription rate, provides a significant vote of confidence in our progress to-date and in our prospects going forward" said Xiaodong Yang, MD, PhD, President & CEO of Apexigen. "This financing provides us the financial strength to complete the transition from start-up mode toward a focus on the development of innovative new therapeutics."
"The board is clearly delighted to have secured this strategic financing which is one more demonstration of the remarkable execution by the management team" said Kenneth Fong, Chairman of the Board.
Since its founding in 2010 Apexigen has advanced its lead program APX005 and built a network of partnerships which broadens the use of its proprietary monoclonal antibody technology platform and advances the development of its pipeline product candidates. Four new corporate partnerships have been established and 4 INDs have been filed for products developed utilizing Apexigen's proprietary technologies; 2 of those products are currently in Phase 1 testing by Apexigen's partners.
APX005 is a promising immunotherapeutic capable of destroying tumor and tumor stroma through several distinct mechanisms of action. APX005 is a strong CD40 agonist that can stimulate anti-tumor immune responses by binding to CD40 molecules on the antigen presenting cells and activating immune co-stimulatory pathways to boost tumor-specific immunity. Furthermore, APX005 can also trigger direct tumor killing.
Series A-1 financing was led by Amkey Ventures LLC and the major investors include WSR Capital, China Development Industrial Bank, Themes Investment Partners, and Sycamore Ventures. In conjunction with the financing, George J. Lee, Ph.D., General Partner of Amkey Ventures, has joined Apexigen's Board of Directors.
Apexigen is a biopharmaceutical product development company advancing a pipeline of novel product candidates with the potential to address life-threatening and difficult to treat diseases. The company's proprietary technology platform enables the discovery and development of superior antibody product candidates that are able to impact previously inaccessible disease targets.
Apexigen is actively pursuing product development, both by itself and in collaboration with partners. The company's product portfolio is comprised of humanized antibodies, targeting diseases such as cancer, inflammatory diseases and ophthalmic disease. Apexigen's technology platform and product pipeline have been validated by a number of partnerships representing both product development and antibody technology collaborations. Through the building of successful collaborations, Apexigen is able to develop a broad base of antibody products and promote wider use of its antibody technology platform. Additional information is available at www.apexigen.com.
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SOURCE Apexigen, Inc.