- IgGenix recently announced it raised $40 million in Series B funding. These are the details.
IgGenix – a pre-clinical biotechnology company taking a revolutionary approach to directly address allergic disease – announced its first close on a $40 million Series B financing to advance its lead program in peanut allergy to the clinic. This funding round was led by Alexandria Venture Investments and includes new investor Eli Lilly and Company, as well as existing investors Khosla Ventures, Sean Parker, AllerFund, and others.
The proceeds will be used for advancing IgGenix’s lead program to Phase 1 human clinical trials and expanding the company’s discovery platform to encompass additional IgE-mediated diseases beyond allergy.
IgGenix was co-founded by Stephen Quake, D.Phil., Kari Nadeau, M.D., Ph.D., and Derek Croote, Ph.D. of Stanford University, on the concept that the potent immunological adaptations underlying severe allergies can create the foundational development of innovative, first-in-class antibody therapeutics. And using cutting-edge single-cell genomics to isolate rare IgE-producing B cells through SEQ SIFTER, IgGenix takes a novel approach to address severe allergic reactions by re-engineering IgE monoclonal antibodies (mAbs) to block and even prevent allergic reactions.
KEY QUOTES:
“Food allergies impact approximately 32 million people in the United States and over 200 million people globally, varying in intensity from person to person and underscoring a vast unmet medical need for new, innovative treatments,” said Mr. Marcus. “Alexandria Venture Investments is constantly looking for promising therapeutic platforms with potential to become novel medicines that positively impact the lives of people around the world. IgGenix is at the forefront of allergy immunology, and I am honored to join the company’s board to help advance its compelling pipeline of antibody development programs addressing immune targets.”
— Joel S. Marcus, executive chairman and founder of Alexandria Real Estate Equities and Alexandria Venture Investments, who has joined the IgGenix Board of Directors
“At IgGenix, we are taking a revolutionary approach to identify and re-engineer allergen-specific antibodies designed to prevent severe allergic reactions. I am grateful for the strong support of our current and new investors who share the IgGenix vision of changing the face of allergic disease, and I am delighted to welcome Joel Marcus of Alexandria to our Board of Directors. Joel’s extensive insights into company building and his decades of experience working with preeminent life science companies at all stages of development will add tremendous value to IgGenix.”
— Jessica Grossman, M.D., CEO of IgGenix
