On September 20, 2023 VerImmune Inc. ("VerImmune"), an early-stage biotechnology company specializing in the development of innovative products based on a novel Virus-inspired Particle (ViP) technology platform, reported the securing of an additional $3.125 million from follow-on Seed financing and a partnership milestone payment (Press release, VerImmune, SEP 20, 2023, View Source [SID1234635287]).
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The follow-on financing was led by previous investor, Proxima VC, a specialist seed-to-growth healthcare venture capital firm with participation from other previous investors such as Gaingels, Mana Ventures and others. In addition to this financing, a milestone payment from Fosun Pharma USA was triggered by the successful completion of a process development milestone.
"Receiving this additional $3.125M financing and milestone payment resulting from our successful FDA pre-IND meeting and significant progress on CMC activities is an important step for VerImmune that further strengthens our financial position." said Joshua Wang, Founder and CEO. "We continue to be grateful to our internal team, network of advisors, existing investors, and pharmaceutical partners such as Fosun Pharma USA who believe in our technology platform and therapeutic potential of VERI-101. We intend to capitalize on this momentum and efficiently execute the next stages to enable the filing of an IND for VERI-101."
VerImmune’s primary focus lies in the field of Oncology, wherein the ViP technology enables a pioneering first-in-class cancer immunotherapy approach known as Anti-tumor Immune Redirection (AIR). This innovative method harnesses the body’s pre-existing immune memory from past infections or childhood vaccination to combat cancer. By taking a highly orthogonal approach, VerImmune’s technology holds immense potential to revolutionize the Immuno-Oncology market, offering new treatment possibilities for patients facing limited options or resistance to current cancer therapies.