HiberCell Closes $67.4 Million Series B Financing and Secures $30 Million Debt Facility from Hercules Capital
May 19 2021 - 8:00AM
HiberCell, a biotechnology company developing therapeutics focused
on preventing cancer relapse and metastasis, today announced that
it has completed a Series B financing round for gross proceeds of
$67.4 million. Concurrent to this financing, HiberCell
closed on a $30 million debt facility with Hercules Capital, Inc.
(NYSE: HTGC).
The Series B round included new investors
Huizenga Capital Management, Monashee Investment Management, funds
managed by Tekla Capital Management LLC, Hercules Capital, Mount
Sinai Innovation Partners and other undisclosed investors.
Returning investors, including ARCH Venture Partners, Magnetic
Ventures, Bristol Myers Squibb, Trinitas Capital, and others from
the Series A syndicate, also participated in the round. HiberCell
will use the proceeds of the Series B financing and debt facility
to support the clinical development of novel therapeutics targeting
stress biology and innate immunity to address the role these play
in prevention of cancer recurrence and metastasis.
“We are excited to have the support of these
sophisticated investors, who understand that delaying or preventing
cancer relapse and metastasis requires that we rethink cancer and
understand the mechanistic drivers of cancer progression,” said
Alan Rigby, Ph.D., Co-Founder and Chief Executive Officer of
HiberCell. “Their backing is a testament to the potential of our
unique development strategy that includes: therapeutic
reprogramming of the tumor immune microenvironment and modulation
of innate adaptive stress responses that endow cancer cells with
survival advantages. We are enthusiastic about our progress and
look forward to advancing our clinical pipeline: driving Imprime
PGG into two new Phase 2 trials, while generating first in human
safety, tolerability and pharmacokinetic data in a Phase 1a trial
with our PERK inhibitor HC-5404.”
“HiberCell has taken a pioneering approach to an
evolving cancer paradigm through demonstratable expertise in
defining and harnessing adaptive stress biology as well as innate
immune activation with a focus on tackling cancer relapse,
metastatic disease, and tumor dormancy,” said Rene Mora, MD-PhD,
Portfolio Manager of Monashee Investment Management. “Addressing
these mechanisms represents an unmet and promising area of
anticancer drug development. We look forward to working with the
company as it continues to move its differentiated pipeline forward
with a focus on fighting the most common cause of cancer mortality:
relapse and metastasis.”
About HiberCell HiberCell is
biotechnology company dedicated to developing therapeutic molecules
that overcome foundational scientific barriers that prevent
patients from living longer, cancer-free lives. The company views
cancer as a chronic disease and is working to develop novel
therapies that address the most common cause of cancer mortality:
relapse and metastasis. To that end, HiberCell is developing
therapies that blunt the omnipresent stress-mediated adaptive
response of cancer cells. HC-5404-FU is the first therapeutic
candidate from the HiberCell’s ‘stress modulator’ platform that has
direct anti-tumor activity while simultaneously reprogramming the
immunosuppressive tumor microenvironment that is foundational to
cancer cell survival.
Contacts
Investor Contact:Westwicke, an ICR
CompanyStephanie
Carringtonstephanie.carrington@westwicke.com646-277-1282
Media Contact:Westwicke, an ICR CompanyTerri
Clevengerterri.clevenger@westwicke.com203-856-4326
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