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.

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