New backers Sofinnova and Scopia bring Y-mAb's round to $80M for anti-cancer drugs
Two prominent investors have squeezed into last month’s financing round for Y-mAbs, a biotech launched by Genmab veterans, bringing an additional $30 million to the table. The new backers — Sofinnova and Scopia Capital Management — bring the startup’s total raise to $80 million.
The New York-based biotech, which has been mostly quiet since its launch, is developing a pair of clinical-stage cancer drugs snagged from scientists at Memorial Sloan-Kettering. Their lead drug is called burtomab, which the company says scored highly significant results in patients suffering from a rare complication of cancer called refractory leptomeningeal metastasis from neuroblastoma. Y-mAbs got a breakthrough therapy designation for the drug earlier this year.
The company plans to use the extra cash to fund development of burtomab, along with its other drug from MSK called naxitamab. The funds will also go towards sales and marketing, and general working capital.
“This additional funding represents an important financial achievement for YmAbs and reflects the confidence that is building around our first cancer programs,” said CEO Claus Møller in a statement. “It enables us to start looking beyond the approval process and launch of our first two candidate medicines, burtomab and naxitamab, to building a commercial organization and advance the next wave of candidate medicines to begin clinical trials.”
This financing round adds to the company’s previously announced $50 million round from HBM, a prominent biotech investor.