On June 22, 2016 IFM Therapeutics, a biopharmaceutical company developing a portfolio of first-in-class small molecules targeting the innate immune system, reported the closing of a $27 million Series A financing led by Atlas Venture and
Abingworth, with participation from Novartis. In conjunction with the funding Jean-François Formela and Vincent Miles, Partners at Atlas and Abingworth respectively, have joined IFM’s CEO, Gary D. Glick, on the board of directors, with Dr. Formela serving as chair of the board (Press release, IFM Therapeutics, JUN 22, 2016, View Source [SID1234520287]).

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IFM Therapeutics, incubated as a part of the Atlas Venture seed program, is developing modulators of novel targets that either enhance innate immune responses for treating cancer, or dampen certain immune responses that drive many inflammatory diseases. The company
will use the proceeds of the financing to advance and expand its early-stage portfolio and begin clinical development of its most advanced product candidate, a selective activator of a novel target, for treating solid tumors.

"While proteins in the innate immune system represent an attractive landscape of therapeutic targets, they have been notoriously difficult to drug," said Dr. Formela from Atlas. "During the brief period since its founding, IFM has made excellent progress on several of these targets, reflecting its exceptional team of experienced scientists and executives, possessing expertise in medicinal chemistry, a deep understanding of the relevant biology, and relationships with academic thought leaders in the areas of immunology and immune oncology."

"IFM’s programs have the potential to make a major difference in the lives of patients with serious, and sometimes fatal, diseases," said Abingworth’s Dr. Miles. "We look forward to helping the team build on their strong start to advance these programs into clinical development."

"This financing is an important validation of the IFM team and technology," said Dr. Glick, IFM’s Co-founder and CEO. "The company is fortunate to be working with a talented and experienced group of investors. Their expertise in building world-class biopharmaceutical
companies will be invaluable as we grow the company."