has secured €33 million, or approximately $42.43 million, in financing
. The money will be used to advance its pipeline of antibodies, particularly within the field of oncology.
“The current funding will support the advancement of our lead oncology program, Sym004, toward early clinical studies, as Symphogen continues to build a competitive oncology franchise,” says Kirsten Drejer, CEO of Symphogen. “Coinciding with our strategic decision to focus our internal R&D resources on further maturing our oncology pipeline, Symphogen also plans to broaden its external collaborative activities by engaging in partnership discussions for its anti-RSV and anti-RhD recombinant polyclonal antibody programs.”
Sym004 is a recombinant IgG1 antibody consisting of two antibodies against the epidermal growth factor receptor (EGFR). Similar to marketed mAbs, Sym004 inhibits cancer cells in vitro by inhibition of ligand binding, receptor activation, and downstream signaling.
Symphogen says that Sym004 has the potential to be superior to marketed products because it induces internalization and degradation of the EGFR due to the simultaneous binding of full-length Sym004 antibodies to nonoverlapping epitopes.
Existing investors participated in the round, which was led by Essex Woodlands Health Ventures. The financing will be used to mature the company’s product pipeline of antibody therapeutics, particularly within the field of oncology.