Malin announces $80 million investment in UK-based Immunocore
Thursday, July 16, 2015
Malin Corporation plc., an Irish-based global life sciences company, today announces it has invested $80 million in Immunocore Limited ("Immunocore"), a world-leading biotechnology company developing novel T cell receptor (TCR) based therapies with the potential to treat a variety of cancers, viral infections and autoimmune diseases. Malin will join Woodford Investment Management, Eli Lilly and Company, RTW Funds as well as a number of existing investors in Immunocore in a financing round of $320 million; Europe's largest ever Series A life sciences financing. Malin's investment in Immunocore will be financed through its own cash reserves. Adrian Howd, CEO of Malin, and Kelly Martin, Director of Malin, will join the Board of Immunocore.
The proceeds will enable Immunocore to further accelerate its pipeline of ImmTACs (Immune mobilising mTCR Against Cancer). ImmTACs are a new class of bispecific biologics which have the potential to treat a broad range of solid tumours either as monotherapies or in combination with other therapies to create best in class treatment regimes. In addition to delivering on its well-established partnerships, Immunocore will focus, in particular, on progressing its lead proprietary programme, IMCgp100, which produced positive Phase I/IIa trial data announced in April 2015 in patients with advanced metastatic cutaneous and ocular melanoma.
Adrian Howd, CEO of Malin, said: "In conjunction with Woodford Investment Management, we are delighted to take a leadership role in this financing round for Immunocore. For Malin and its shareholders, this represents a second significant investment in a UK-based biotech company. Given its unique and innovative science, a balanced pipeline with possible applications across a number of therapeutic areas, and first class executive team and Board leadership, we believe Immunocore has the potential to create a highly unique premier biotech company and establish itself as a substantial enterprise and thought leader within the industry."
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