Inimmune raises $22 Million in Series A Funding Led by Two B
MISSOULA, Mont., July 9, 2020 /PRNewswire/ -- Inimmune, www.inimmune.com, a biotechnology company developing immune therapies and components for more effective vaccines, announced today that it raised $22 million in Series A funding. It was the Missoula-based company's first outside investment. The round was led by Two Bear Capital, www.twobearcapital.com, a new firm based in Whitefish, Montana. Two Bear Capital Founder and Managing Partner Michael Goguen will join Inimmune's board of directors.
"We are excited to partner with Two Bear Capital for this Series A investment. We could have looked outside of Montana for investors but were happy to find a local VC firm that connected with our vision to grow a world-class biotech company right here in Montana," said Dr. Jay Evans, President and CEO at Inimmune. The company plans to use the Series A investment to advance at least two late-stage pre-clinical drug candidates in oncology and allergy through Phase I human clinical trials.
Inimmune is nationally recognized for its innovative approach to treatments leveraging the immune system, especially its development of novel adjuvants, which are compounds added to therapies to improve or direct an immune response. Adjuvants are an important component in safe, effective vaccines. Inimmune has partnered with the University of Montana in the urgent race to develop a vaccine against COVID-19. Inimmune is also advancing immune-based therapies for a variety of other dangerous emerging pathogens, such as antibiotic resistant infections.
"Effectively harnessing the incredible power of the human immune system has the potential to prevent or cure the most devastating diseases faced by humanity – from Covid-19, to cancer, to neurodegenerative diseases and more – and the need for solutions today is more urgent than ever," said Two Bear Capital's Michael Goguen. "The team at Inimmune combines world-class immunology and vaccine expertise, proven track records and a passion for solving some of the most important medical crises of our time. We are honored to be partners with them as they advance their promising therapies to the next level."
Inimmune was started in 2016 by co-founders Drs. Kendal Ryter, Helene Bazin-Lee, David Burkhart and Jay Evans, along with a team of 11 experienced scientists from GlaxoSmithKline. In addition to the co-founders, Inimmune employs an experienced team of chemists, immunologists and formulation scientists with a track record of notable achievements in synthetic molecule development, immunology, and drug delivery. The company has raised more than $12 million in research grants and contracts since 2016, including a recent $2 million grant from the National Institutes of Health.
Inimmune Corp. (Missoula, MT) is a privately held biotechnology company focused on the discovery and development of innovative immunotherapeutics and vaccines. Inimmune is harnessing the human immune system to create safe and effective treatments for allergy, infectious disease, autoimmunity and cancer. Their laboratories and offices are housed in the Montana Technology Enterprise Center (MonTEC) in Missoula.
ABOUT TWO BEAR CAPITAL:
Two Bear Capital (TBC) was founded and is led by venture capitalist and Montana philanthropist Michael Goguen. With associates in Whitefish, MT, the San Francisco Bay area and San Diego, CA, TBC invests in early stage companies with disruptive innovations at the intersections of biotech, bioinformatics, machine learning / AI and cybersecurity that deliver dramatically better solutions to the most critical problems affecting human health, security and wellness. To learn more, visit www.twobearcapital.com and follow TBC on LinkedIn.
This release is intended for informational purposes only and should not be relied upon to make any investment decision, as it was prepared without regard to any specific objectives, or financial circumstances. This is not a solicitation to buy or sell any securities. This release is not intended to provide, and should not be relied upon for tax, legal, accounting, or investment advice. The forward-looking statements herein constitute an expression of opinion, which may or may not prove to be accurate.
Contact: Liz Marchi
SOURCE Inimmune Corporation