SAN DIEGO, Aug. 4, 2016 /PRNewswire/ -- Ambrx, Inc., a clinical stage biotechnology company that discovers and develops first-in-class and best-in-class optimized protein therapeutics known as bio-conjugates, today announced that it has closed a $45 million round of financing led by Apricot Capital and Northeast Securities Prosperity Healthcare Fund. Also participating in this round were Sinopharm Capital, Humanwell Healthcare Fund. Existing investors Fosun Pharma, HOPU Investments and Everbright Limited Healthcare Fund participated in the financing.
The Company plans to use the proceeds of this financing to advance the development of its Phase I clinical asset – ARX788, and its current pipeline of ADC product candidates into human clinical studies, as well as its lead immuno-oncology program –CD3-Folate.
"The new investors along with our existing investors brought together a perfect combination of strategic pharmaceutical investments as well as top tier private financial investments. This clearly shows the confidence from the investors in the Ambrx technology platform for its broad impact and great potential in biological drug development," said Alex Qiao, CEO of Ambrx. "The new funding resources will allow us to accelerate the development of our programs, and to make improvements to our technology platform."
Ambrx®, Inc. is a biopharmaceutical company with a mission to deliver breakthrough protein therapeutics using an expanded genetic code. Unlike conventional conjugation techniques that create a mixture of suboptimal molecules, Ambrx technology combines site specific conjugation with proprietary linkers, payloads and pharmacokinetic extenders to create a single molecular species that is optimized for safety, efficacy and biophysical properties. We call this process Protein Medicinal Chemistry™.
Protein Medicinal Chemistry™ can optimize any protein or antibody to create potentially best-in-class therapeutics such as long-acting proteins, bi-specifics and antibody drug conjugates. The Ambrx advantage allows us to safely and effectively target cytotoxic agents or recruit effector function to tumor cells (oncology) or modulate biological pathways implicated in disease areas such as autoimmune, metabolic and cardiovascular.
At Ambrx, we are dedicated to assembling and developing an exceptional team and a novel technology to create the next generation of protein-based medicines. For additional information, visit www.ambrx.com.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/ambrx-closes-45m-round-of-financing-300308951.html
SOURCE Ambrx, Inc.