VerImmune – an early-stage biotechnology company specializing in developing innovative products based on a novel Virus-inspired Particle (ViP) technology platform – recently announced securing an additional $3.125 million from follow-on seed financing and a partnership milestone payment. This follow-on funding round was led by previous investor Proxima VC (a specialist seed-to-growth healthcare venture capital firm) with participation from other earlier investors like Gaingels, Mana Ventures, and others.
Along with this funding round, a milestone payment from Fosun Pharma USA was triggered by completing a process development milestone. The company’s primary focus lies in oncology, wherein the ViP technology enables a first-in-class cancer immunotherapy approach known as Anti-tumor Immune Redirection (AIR).
This innovative method harnesses the body’s pre-existing immune memory from past infections or childhood vaccination to combat cancer. And by taking an orthogonal approach, VerImmune’s technology holds immense potential to revolutionize the Immuno-Oncology market – offering new treatment possibilities for patients facing limited options or resistance to current cancer therapies.
“Receiving this additional $3.125M financing and milestone payment resulting from our successful FDA pre-IND meeting and significant progress on CMC activities is an important step for VerImmune that further strengthens our financial position. We continue to be grateful to our internal team, network of advisors, existing investors, and pharmaceutical partners such as Fosun Pharma USA who believe in our technology platform and therapeutic potential of VERI-101. We intend to capitalize on this momentum and efficiently execute the next stages to enable the filing of an IND for VERI-101.”
— Joshua Wang, Founder and CEO