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Biotech firm closes $75m investment

by LLB Finance Reporter
11th Jan 21 12:33 pm

Immunocore who are a late-stage biotechnology company pioneering the development of a novel class of T cell receptor (TCR) bispecific immunotherapies designed to treat a broad range of diseases, including cancer, infectious and autoimmune disease, today announced the completion of a $75m Series C private financing round.

Led by an existing investor, the Series C financing included support from existing investors and funds and accounts managed by BlackRock. The proceeds will enable Immunocore to further expand and accelerate its growing clinical stage pipeline of ImmTAX (Immune mobilising monoclonal TCRs Against Cancer, Infectious Diseases and Autoimmune) molecules, including its lead program tebentafusp (IMCgp100).

Immunocore also announces that it has closed a $100m senior secured loan facility with Oxford Finance LLC and intends to use the loan proceeds for general corporate purposes and to have available as needed to fund a potential commercial launch of tebentafusp.

Bahija Jallal, Chief Executive Officer of Immunocore said, “This successful financing represents another validating milestone for Immunocore as we continue our pioneering work in the field of soluble, bispecific TCR immunotherapies to treat a broad range of diseases. The support of our new and existing investors represents a further endorsement of the potential of our powerful technology platform. Following the recent positive Phase 3 data for tebentafusp, we are working to progress this investigational agent through the regulatory process as a potential new treatment to metastatic uveal melanoma patients with a high unmet need.”

Interim results from the IMCgp100-202 Phase 3 clinical trial are expected to be presented at an upcoming scientific conference and to be submitted for publication in a peer-reviewed journal. If approved, Immunocore believes tebentafusp would be the first new therapy for the treatment of metastatic uveal melanoma in 40-years.

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