Imvax Provides Corporate Update
– Initial closing on $23 million financing round –
– Enrollment of Phase 2b trial of IGV-001 remains on track –
– Seasoned finance executive Stephen Webster appointed to Imvax Board of Directors –
PHILADELPHIA, PA (September 6, 2023) — Imvax, Inc., a clinical-stage biotechnology company developing personalized, whole tumor-derived immunotherapies, today announced the initial closing of a $23 million financing round led by the company’s significant existing investors. The proceeds from the initial closing will be used to support the company’s ongoing randomized, multicenter, double-blind, placebo-controlled Phase 2b clinical trial of IGV-001 in patients with newly diagnosed glioblastoma (GBM). The trial is enrolling as expected, and the company will continue additional fundraising over the next several months.
The company also announced the appointment of Stephen Webster to the Imvax Board of Directors. In connection with Mr. Webster’s appointment, David W. Andrews, M.D., has stepped down from the Board but remains as the company’s Chief Medical Officer.
“The support of our existing investors in this fundraising reflects their belief in the promise of IGV-001 and their commitment to patients facing a GBM diagnosis,” said John P. Furey, Chief Executive Officer. “We are making tremendous progress in the Phase 2b trial, and our expectation is that the study will be fully enrolled in the first half of 2024.”
“I am also pleased to welcome Stephen Webster to the Imvax Board of Directors,” Mr. Furey continued. “Stephen brings over 30 years of biotechnology industry experience in raising capital, business development transactions and operations and will be instrumental as we move forward the development of IGV-001 and our pipeline. I want to thank Dr. Andrews, a co-founder of Imvax, for his service on the Board over many years and am grateful for his continued leadership as our Chief Medical Officer.”
Mr. Webster served as the Chief Financial Officer of Spark Therapeutics, a publicly traded gene therapy biotechnology company, from July 2014 until its acquisition by Roche for $4.3 billion in December 2019. He was previously Senior Vice President (SVP) and Chief Financial Officer of Optimer Pharmaceuticals, a publicly traded biotechnology company, from July 2012 until its acquisition by Cubist Pharmaceuticals in October 2013. Prior to joining Optimer, Mr. Webster served as SVP and Chief Financial Officer of Adolor Corporation, a biopharmaceutical company, from 2008 until its acquisition by Cubist Pharmaceuticals in 2011. Mr. Webster also served in leadership positions in the investment banking healthcare groups of Broadpoint Capital and PaineWebber Incorporated. Mr. Webster currently serves as a director of two publicly traded biopharmaceutical companies: Cullinan Oncology, Inc., and NextCure, Inc. Mr. Webster received an A.B. in Economics from Dartmouth College and an M.B.A. in Finance from The Wharton School of the University of Pennsylvania.
“I am excited to join the Imvax Board of Directors at a time of tremendous opportunity for the company,” said Mr. Webster. “IGV-001 for GBM and the Goldspire™ platform reflect a unique and potentially transformative approach to personalized, whole tumor-derived immunotherapy. I look forward to working with the Imvax management team and Board to help realize the company’s mission to deliver transformative therapies for patients.”
About Imvax, Inc.
Imvax is a clinical-stage biotechnology company with a unique platform technology, Goldspire™, focused on delivering personalized, whole tumor-derived immunotherapies across a range of solid tumors. Imvax’s most advanced program, IGV-001, is currently being evaluated in a Phase 2b clinical trial in newly diagnosed glioblastoma patients. Imvax’s portfolio also includes several other programs designed to stimulate a patient’s immune system against the entire antigen signature of their tumor. Imvax is headquartered in Philadelphia, PA. For additional information, please visit www.imvax.com.
Ten Bridge Communications