Iconic Therapeutics Announces Final Close Of Series C Financing With Additional $10 Million Investment
August 9, 2016
South San Francisco, CA – August 9, 2016 – Iconic Therapeutics, a clinical stage biopharmaceutical company dedicated to translating knowledge of Tissue Factor biology into new therapeutics for retinal disease and cancer, today announced the final closing of its Series C financing bringing an additional $10 million into the company and completing the Series C at $48.5 million. Proceeds from the financing will be used to advance development of Iconic’s lead molecule ICON-1 in retinal diseases as well begin clinical trials in ocular melanoma, Iconic’s first oncology indication. The final closing included new investor Xeraya Capital. Xeraya joins existing investors MPM Capital, HBM Healthcare Investments, H.I.G. BioHealth Partners, Lundbeckfonden Ventures, Cormorant Asset Management, and Osage University Partners in the Series C capital raise.
According to Fares Zahir, CEO of Xeraya Capital, “Our enthusiasm for Iconic rests in its novel approach to developing therapies for devastating diseases such as macular degeneration and cancer. In particular, the tissue factor-based platform gives the Company the opportunity to interrogate a target that has proven elusive in the past. We believe the early data in AMD show that ICON-1 has the potential to reshape the therapeutic landscape with a truly disease-modifying agent and one of the very few new drug classes in development. Additionally, Iconic’s preclinical activities and leadership team provide a strong foundation for entry into cancer of the eye and later, more broadly, into solid tumors.”
More details here: http://iconictherapeutics.com/newsroom/press-releases/
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