Isarna Therapeutics Raises Euro 13 Million from New and Current Investors
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|Tuesday, 07 January 2014 11:00 (UTC + 1)|
Munich, Germany, January 7, 2014 / B3C newswire / - Isarna Therapeutics GmbH today announced that it has raised Euro 13 million (US$ 17.8 million) in equity from new private investor AT NewTec and current investors, MIG-managed funds. Proceeds will be used to advance the company's pipeline of next generation oligonucleotides that inhibit various isoforms of TGF-β, a key molecular pathway implicated in mechanisms used by cancer cells to evade immune system detection and to aid in tumor proliferation.
"This financing supports our position as the leaders in utilizing TGF-β as a unique target for cancer immunotherapy and enables us to continue the rapid development of our pipeline toward the clinic," said Dr. Philippe Calais, Chief Executive Officer at Isarna Therapeutics. "We are fortunate to have the continued commitment from MIG, our largest shareholder, and welcome the new investment from AT NewTec.”
“MIG is convinced that an immunotherapy approach to treating cancer has the potential to change the paradigm of current standard of care,” added Dr. Matthias Kromayer, Managing Director of MIG Verwaltungs AG. “We have great confidence in both Isarna’s pioneering approach to leveraging TGF-β and the company’s management.”