BOSTON--(BUSINESS WIRE)--SQZ Biotech announced today the closing of a $16 million Series B financing round led by NanoDimension and Polaris Partners, with participation from other existing and new investors. Using its breakthrough cell engineering technology, SQZ Biotech is developing a new generation of cell therapies that harness the body’s natural immune system to combat disease. SQZ will utilize the funds to advance its preclinical immuno-therapy programs in oncology and other serious diseases.
“SQZ has developed a simple, yet immensely powerful method to engineer cells,” said Eric Moessinger of NanoDimension, who joined the SQZ Board of Directors., “I am thrilled to be a part of the SQZ team and look forward to contributing to the evolution of this innovative company.”
Within the last year, SQZ has achieved a number of significant milestones. The company entered a $500M partnership with Roche, executed on more than 10 industry collaborations, and demonstrated proof-of-concept for multiple novel cell therapies. Scientists from SQZ and its collaborators have published recent findings that further highlight the transformative potential of the technology in Integrative Biology, Nature Communications, and Small. The company has also received grants of more than $2 million in the last year.
“The SQZ team has made remarkable progress,” said Amy Schulman, Venture Partner at Polaris Partners and Executive Chair of SQZ. “Soon the real promise of their cell re-engineering technology will be applied across a variety of applications to treat a broad range of ailments. I am confident this technology will represent a meaningful difference in people’s lives.”
SQZ Biotech also recently added to its leadership by hiring Kris Elverum as Chief Business Officer to lead business development and strategic partnerships. Prior to joining SQZ in June, Kris led the US commercial model development for Novartis' CAR T-cell products. Kris has more than a dozen years of experience at Novartis and McKinsey & Co. in commercial, strategy and M&A roles.
"Kris' passion, leadership, and unique experience in cell therapy commercialization, strategy and M&A will be invaluable to SQZ at this time of growth for our company. We are very excited to have him on the team," said Dr. Armon Sharei, CEO of SQZ Biotech.
About SQZ Biotech
Discovered at the Massachusetts Institute of Technology (MIT) by Drs. Klavs Jensen, Robert Langer, and Armon Sharei, the SQZ Biotech platform is a proprietary membrane disruption technology dubbed CellSqueeze. The technology’s unique cell engineering capabilities are being used to develop the next generation of cell therapies. Through internal research programs and external partnerships, SQZ is leading a revolution in scientists’ approach to disease research and clinical therapies, developing novel methods to engineer cell function and harness the power of a patient’s own cells to combat disease more effectively across a broad range of indications. For more information please visit www.sqzbiotech.com.
NanoDimension is a U.S. and Europe based venture capital firm specializing in nanotechnology. Founded in 2002, NanoDimension invests in early-stage companies that are developing break-through technologies at the nano-scale to disrupt markets and to solve critical global problems. For more information, visit www.nanodimension.com.
About Polaris Partners
Polaris Partners invests in exceptional technology and healthcare companies across all stages of their life cycles. With offices in Boston, San Francisco, and Dublin, we partner globally with an unparalleled network of repeat entrepreneurs, top scientists and emerging innovators who are making significant contributions in their fields and improving the way in which we live and work. For more information, visit www.polarispartners.com.