NEW YORK--(BUSINESS WIRE)--Y-mAbs Therapeutics, Inc. (YmAbs), an immunotherapy company discovering and developing innovative treatments for patients with cancer, today announced that it has closed a private placement among HBM Healthcare Investments and its current shareholders, raising $50 million.
YmAbs’ Founder, President and Head of Business Development and Strategy, Thomas Gad said, “We are very pleased to welcome HBM as a significant shareholder in YmAbs, together with our existing shareholders, who continue to show strong support and commitment to bringing breakthrough immunotherapies to children faced with advanced cancers and clear unmet medical needs. This new financing sets YmAbs in a strong financial position to further advance its late stage oncology pipeline.”
Dr. Claus Møller, Chief Executive Officer further notes, “This funding is an important financial achievement for YmAbs, and enables us to focus on bringing our lead compounds, burtomab and naxitamab, through the final steps of the regulatory pathway towards approval.”
Andreas Wicki, Chief Executive Officer of HBM Healthcare Investments added: “We are delighted to add YmAbs to our portfolio of promising healthcare companies. YmAbs’ approach to immunotherapy shows great promise and will further advance innovation and product development in the pediatric oncology field. YmAbs is a young and rapidly growing company that we are excited to support and to accompany on the way to further success.”
YmAbs is a clinical stage biopharmaceutical company focused on developing new cancer treatments through immunotherapies. Our lead antibody programs target GD2 and B7-H3. In addition, YmAbs utilizes its platform technologies to create next-generation humanized, affinity matured bispecific antibodies. To further improve our bispecific antibodies, we are collaborating on the development of a novel human protein tag that dimerizes T-cell engaging bispecific antibodies, which enables higher tumor binding and results in a longer serum half-life and a significantly greater T-cell mediated killing of tumor cells. Our treatments could potentially reduce longer-term toxicities associated with current chemotherapeutics and provide the potential for curative therapy even for patients with widespread disease. YmAbs’ goal is to drive multiple product candidates in select solid tumor cancers to FDA approval. Each candidate has the potential to treat a variety of high-risk cancers.
To learn more, visit www.ymabs.com.
About HBM Healthcare Investments Ltd:
HBM Healthcare Investments actively invests in the human medicine, biotechnology, medical technology and diagnostics sectors and related areas. The company holds and manages an international portfolio of some twenty five promising companies. Many of these companies have their lead products already available on the market or at an advanced stage of development. The portfolio companies are closely tracked and actively guided on their strategic directions. This is what makes HBM Healthcare Investments an interesting alternative to investing in big pharma and biotech companies. HBM Healthcare Investments has an international shareholder base and is listed on SIX Swiss Exchange (ticker: HBMN).
For more information please visit: www.hbmhealthcare.com.