HOUSTON and DAEJEON, South Korea, March 8, 2016 /PRNewswire/ -- ImmunoMet Therapeutics, a biotechnology company developing innovative drugs for the treatment of cancer, today announced that the Company has raised $5.2 million in a Series A financing led by Mirae Asset Venture Investments (Mirae Asset) with participation from Aju Tech, GNTech, and MetaVest. The primary use of these proceeds will be to fund the Company's research and clinical development programs, establish its worldwide headquarters in Houston, TX, and for general corporate purposes.
The Company also today announced the appointment of Jae Joon Kim, Director at Mirae Asset, to its Board of Directors. Mirae Asset is one of Asia's most prominent investors with $73 billion assets under management.
Sung-wuk Kim, CEO of ImmunoMet Therapeutics, said, "We are pleased to welcome Jae Joon Kim to our Board of Directors and to announce the successful completion of this funding. This funding is an important milestone for the Company, as we plan to advance our lead cancer metabolism compound, IM156, an OXPHOS inhibitor, to Phase 1 clinical development in the second half of 2016. We are enthusiastic about the potential of our pipeline, which also includes our immuno-oncology program that addresses the limitations of current cancer therapies and offers hope of increased survival and quality of life for cancer patients."
Jae Joon Kim, Director at Mirae Asset, said, "I am delighted to join ImmunoMet's Board of Directors, and I look forward to working with their management team. I am excited about the potential of the Company's technology and its potential to improve treatments for life-threatening cancers."
About ImmunoMet Therapeutics
ImmunoMet Therapeutics is a development-stage biotechnology company, focused on the development of innovative oncology products to improve the quality of life and make a meaningful difference in the lives of cancer patients. The Company, a spinoff of HanAll Biopharma, has the extensive research and development experience of HanAll's scientists in the areas of immune cell metabolism and immuno-oncology which address the high unmet medical need to treat drug resistant and relapse cancers. The Company's novel technology is designed to disrupt cancer cell growth and enhance anti-cancer immunity and may be used in a broad range of difficult-to-treat cancers. The Company's lead compound, IM156, for the treatment of glioblastoma (brain cancer) is expected to enter Phase 1 clinical development in the second half of 2016.
About Mirae Asset Venture Investments
Mirae Asset Venture Investments is a member of Mirae Asset Finance Group. Mirae Asset Venture Investments is a partner of enterprises of creativity, high technology, and potential, and a supporter of invested enterprises to become a successful business by providing various consults such as business management, M&A, re-structuring, financing, etc. Since 1997, Mirae Asset has become one of Asia's largest independent asset managers and the world's largest active investors in emerging market equities. Globally, Mirae Asset has in excess of US$73 billion of assets under management (as of September 30, 2015) across a diversified platform to offer market-leading investment services and solutions in traditional equity and fixed income products, exchange traded funds and alternative strategies, such as real estate, private equity and hedge funds. Headquartered in Korea, Mirae Asset has a presence in 12 countries worldwide, including Australia, Brazil, Canada, China, Colombia, Hong Kong, India, Korea, Taiwan, United Kingdom, USA and Vietnam. Mirae Asset includes over 120 investment professionals dedicated to asset management in Asia and other emerging markets.
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SOURCE ImmunoMet Therapeutics