OncoResponse Raises $40 Million in Series B Financing
-- Adds RiverVest Venture Partners, Qatar Investment Authority and Redmile Group to List of Financial Backers --
-- Proceeds Will Advance Growing Portfolio of Therapeutic Candidates for Various Cancers --
SEATTLE, Washington – September 11, 2018 – OncoResponse, an immunotherapy company developing a portfolio of novel antibodies to high-value targets for the treatment of cancer, today announced the completion of a $40 million series B equity financing. Participants in the round, which was led by RiverVest Venture Partners, included new investors Qatar Investment Authority (QIA) and Redmile Group, and existing investors Alexandria Venture Investments, ARCH Venture Partners, HT Family Office, Canaan Partners, Helsinn Investment Fund and William Marsh Rice University. The proceeds will be used to advance the company’s five drug candidates into preclinical and clinical development. All drug candidates were derived from OncoResponse’s discovery platform, which mines the immune systems of patients who have responded exceptionally well to cancer immunotherapies.
"We are very pleased to add RiverVest, QIA and Redmile to our already strong syndicate of investors as we transition our company’s efforts from identifying drug candidates to developing them for patients," said Clifford J. Stocks, CEO of OncoResponse. "We now have several antibodies from our cancer patient-derived platform that are directed at modulating immunosuppression of the tumor microenvironment. This new capital will allow us to advance our programs through pre-clinical development and enable us to move our lead programs into clinical studies."
"Since its inception in October 2015, OncoResponse has done an excellent job leveraging its platform to rapidly screen and discover therapeutically relevant antibodies from patients with elite response to immunotherapy," said John McKearn, Ph.D., Managing Director of RiverVest Venture Partners. "We believe that their portfolio of unique drug candidates has the potential to help cancer patients, expanding the promise of immunotherapy."
About RiverVest Venture Partners
RiverVest Venture Partners is a venture capital firm focused on identifying and shaping early stage life science companies to create significant shareholder value. With hands-on, high-level expertise and financial resources, RiverVest supports entrepreneurs by helping them achieve near-term objectives that position their companies for exit. For more information, please visit www.rivervest.com.
About Qatar Investment Authority (QIA)
Qatar Investment Authority (QIA) was founded by the State of Qatar in 2005 to strengthen the country's economy by diversifying into new asset classes. Its mission is to invest, manage and grow Qatar's reserves to create long-term value for future generations.
Headquartered in Doha, QIA is one of the world's leading Sovereign Wealth Funds and is structured to operate at the very highest levels of global investing. As a world class investor, QIA adheres to the strictest financial and commercial disciplines. It has a strong track record of investing in different asset classes, including listed securities, property, alternative assets and private equity in all the major capital markets as well as the newer emerging markets.
OncoResponse discovers and develops highly targeted and immuno-oncology therapeutic antibodies against novel cancer targets. The OncoResponse discovery engine is working to increase the success rate of cancer immunotherapies by identifying novel antibody drug candidates across multiple cancer types from the immune systems of patients who have responded exceptionally well to cancer immunotherapies. OncoResponse, Inc. is a privately held company backed by investment from MD Anderson Cancer Center, Rivervest Venture Partners, Qatar Investment Authority, Redmile Group, ARCH Venture Partners, Helsinn Investment Fund, Canaan Partners, Shire, HT Family Office, Alexandria Venture Investments and William Marsh Rice University. www.oncoresponseinc.com.
George E. MacDougall
MacDougall Biomedical Communications