Biotech Values

[DewDiligence]

Adimab Announces Series-C Financing

[The PR does not say how much was raised but it does say the valuation was an uptick from the prior round. This in itself is an accomplishment in today’s market.]

http://biz.yahoo.com/bw/081120/20081120005199.html

›Thursday November 20, 9:30 am ET

LEBANON, N.H.--(BUSINESS WIRE)--Adimab, Inc., a leading antibody discovery company, today announced the closing of a Series C financing. The total amount of the financing was not disclosed.

The investment reflects strong support from new investors OrbiMed Advisors and Borealis Ventures, as well as existing investors Polaris Venture Partners and SV Life Sciences. “Proceeds from the financing will be used to increase the capacity for conducting multiple parallel discovery programs as well as automating several aspects of our antibody discovery process,” described Errik Anderson, Vice President of Operations and Finance.

“Raising capital at this step-up in valuation reflects Adimab’s progression from an early concept to a robust antibody discovery and maturation platform,” said Tillman Gerngross, Ph.D., Chief Executive Officer and Co-founder. “We now have the ability to go from antigen to a large panel of high affinity, fully-human antibodies in a matter of weeks.”

“OrbiMed has invested in several leading antibody discovery companies over the years, and we believe that Adimab has assembled a truly unique and compelling next-generation antibody discovery platform,” said Carl Gordon, Ph.D., CFA, General Partner and Co-Head of Private Equity at OrbiMed Advisors. “We invest in exceptional entrepreneurs and management teams combined with strong science, and we are thrilled to back Gerngross and Wittrup in their latest endeavor.”

“We’ve had the privilege to work with Dr. Gerngross before and have closely followed Adimab’s development,” said Phil Ferneau, Managing Director of Borealis Ventures. “Beyond the depth of its intellectual property strategy, what sets Adimab apart is the team’s laser-focus on addressing the needs of their pharma partners.”

“The fact that Adimab is able to raise money with such an up-tick in valuation, in this challenging environment, is a testament to the quality of Adimab’s technology and the team running the company,” said Terry McGuire, Managing General Partner of Polaris Ventures.

“What they have accomplished in this short period of time is remarkable and anybody in the business of developing antibodies should pay close attention – these guys are rapidly changing the technological landscape of antibody discovery,” said Mike Ross, Ph.D., Managing General Partner at SV Life Sciences in Boston.

About Adimab, Inc.

Adimab is changing the discovery, maturation and production of therapeutic human antibodies. By integrating all aspects of antibody discovery and developing sophisticated screening methods, Adimab can rapidly discover high affinity antibodies that also behave well in a formulation and manufacturing context. Our proprietary library design and presentation technology allows us to discover full-length human antibodies with broad epitope coverage, high affinity and therapeutic relevance faster than any current technology. For more information, visit http://www.adimab.com.‹