On January 5, 2021 Immuneering Corporation reported the completion of an oversubscribed $62 million Series B financing led by Cormorant Asset Management, with participation from Surveyor Capital (a Citadel company), Rock Springs Capital, funds and accounts advised by T. Rowe Price Associates, Inc., funds and accounts managed by BlackRock, Perceptive Advisors and LYFE Capital (Press release, Immuneering, JAN 5, 2021, View Source [SID1234574720]). Existing investors and senior management also participated in the financing.
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Immuneering will use proceeds from the financing to advance to clinical stage programs focused on targets in the RAS/MAPK pathway, a cellular signaling pathway commonly activated in many different tumor types and cancers. The company will also continue advancing additional programs in neuroscience and immuno-oncology, further develop its Disease Cancelling Technology (DCT) platform and enhance its computational biology services business.
"Our Disease Cancelling Technology platform has provided insights into therapies that can offer differentiated efficacy and safety with drugs targeting cancers driven by alterations that activate the RAS/MAPK pathway," said Ben Zeskind, Ph.D., MBA, co-founder and chief executive officer of Immuneering. "We are pleased to have such strong support from both our current and new investors as we begin our next phase of growth and advance our leading program targeting MEK into the clinic."
Andrew Phillips of Cormorant Asset Management stated, "With new treatments urgently needed for patients who have tumors dependent on MAPK signaling, we are thrilled to lead this Series B financing and bring together a syndicate to support Immuneering at a pivotal stage in the company’s growth. We are impressed by the biological insights that went into IMM-1-104 and its differentiated preclinical profile relative to other MEK inhibitors. IMM-1-104 is poised to potentially overcome limitations of current MEK inhibitors in providing deep pathway suppression alongside improved tolerability."