Emergence Therapeutics raises 87 million euros
As things stand, this makes the start-up's Series A financing the largest of the year in Germany.
Duisburg-based start-up Emergence Therapeutics AG has raised over €87 million in a Series A financing round. It is the largest first-round financing of the year in Germany until early December. The round was led by Pontifax Venture Capital from Israel. New investors were RA Capital Management, OrbiMed Advisors, Surveyor Capital (part of Citadel) and Hadean Ventures. Existing investors Kurma Partners, NRW.BANK, High-Tech Gründerfonds, Gründerfonds Ruhr and Bpifrance were again involved.
The biopharmaceutical company is dedicated to the targeted treatment of tumours. More precisely it develops novel antibody-drug conjugates (ADC) for the treatment of cancer. The startup plans to use the money from the financing round to advance its antibody-drug conjugate ETx-22, the company's lead product, to clinical proof of concept. ETx-22 is initially being developed for bladder and triple-negative breast cancer, as well as ovarian, head and neck and lung cancer.
"The completion of this significantly oversubscribed round enables Emergence to execute on its strategy to become a dominant ADC developer," said Jack Elands, CEO of Emergence Therapeutics. "The ADC space has evolved significantly over the past decade and our approach of combining proprietary technologies with clinically validated targets should enable us to develop breakthrough cancer drugs." Ohad Hammer, Partner at Pontifax Venture Capital, believes ETx-22 "could provide a revolutionary next-generation treatment for a broad range of cancers with high unmet need."
Startups, stories and stats from the German startup ecosystem straight to your inbox. Subscribe with 2 clicks. Noice.LinkedIn Connect
Take care, give care
Did this news inform or entertain you? Then we would be happy if you tell your network about it.Share on Linkedin Share on Facebook Share on Xing
FYI: English edition available
Hello my friend, have you been stranded on the German edition of Startbase? At least your browser tells us, that you do not speak German - so maybe you would like to switch to the English edition instead?
FYI: Deutsche Edition verfügbar
Hallo mein Freund, du befindest dich auf der Englischen Edition der Startbase und laut deinem Browser sprichst du eigentlich auch Deutsch. Magst du die Sprache wechseln?