Privately held biotherapeutics company Zymeworks Inc. raised $11 million in a common share offering, the company announced Thursday. Advanced Biotechnologies Venture Fund led the round, which will be used for clinical trials. Zymeworks in based in Vancouver.
Zymeworks Inc., a privately held biotherapeutics company focused on the development of best-in-class bi-specific antibody therapeutics and multi-valent protein therapeutics, today announced the completion of a common share offering totaling $11.0 million. The financing was led by the Advanced Biotechnologies Venture Fund (“ABVF”) group of funds, and included investments by both new and existing private shareholders. Further financial terms are not disclosed. Zymeworks will use the proceeds to advance its lead oncology candidates through late stage preclinical studies and into the clinic.
“We are happy to receive the continuing support of the ABVF group of funds, and to be able to announce the private placement in conjunction with the achievement of a milestone payment under our research collaboration with Merck”
“I’m excited about what this financing means to Zymeworks, and ultimately what it will mean to patients around the globe who stand to benefit from novel bi-specific antibody therapeutic candidates advancing into clinic trials,” said Dr. Ali Tehrani, President and CEO of Zymeworks. “This financing provides Zymeworks with the additional financial resources to accelerate our research and development plans, including advancing our AlbuCORE™ program through solid tumor penetration studies and disease models. Moreover, it allows us to move forward into our next round of corporate growth and partnering with a strong financial footing.”
“We are happy to receive the continuing support of the ABVF group of funds, and to be able to announce the private placement in conjunction with the achievement of a milestone payment under our research collaboration with Merck,” says Neil Klompas, Zymeworks’ Chief Financial Officer. “The ongoing commitment of our new and existing shareholders, coupled with initiatives like the federal Scientific Research and Experimental Development program, the National Research Council’s Industrial Research Assistance Program and the Province of British Columbia’s Eligible Business Corporation and Venture Capital Corporation investment capital programs, ensures that the research being undertaken by Zymeworks will have a profound impact in the lives of patients in Canada and around the world.”
About Zymeworks Inc.
Zymeworks is a privately held biotechnology company that is developing best-in-class antibody therapeutics for the treatment of oncology, autoimmunity and inflammatory diseases. The company’s proprietary ZymeCAD™ structure-guided protein engineering technology and its novel Azymetric™ and AlbuCORE™ platforms enable the development of highly potent bi-specific antibodies and multivalent protein therapeutics targeted across a range of indications. Zymeworks is focused on growing its preclinical biotherapeutics pipeline through in-house research and development programs and strategic collaborations. More information on Zymeworks can be found at www.zymeworks.com.
About the AlbuCORE™ Multi-Valent Platform
The AlbuCORE™ Scaffold is a novel multi-valent targeting platform capable of improved cross-linking across disease targets and effectors with superior target specificities. Based on human serum albumin, AlbuCORE™ is an ideal antibody alternative platform with superior tumor penetration and retention characteristics. Furthermore, the platform has optimal pharmacokinetic profiles and is naturally devoid of innate effector activity while being non-immunogenic.