HiberCell, a New York-based biotechnology company developing therapeutics focused on preventing cancer relapse and metastasis, completed a Series B funding round for gross proceeds of $ 67.4 million.
In conjunction with this financing, the Company entered into a $ 30 million credit facility with Hercules Capital, Inc. (NYSE: HTGC).
Series B included new investors Huizenga Capital Management, Monashee Investment Management, funds managed by Tekla Capital Management LLC, Hercules Capital, Mount Sinai Innovation Partners and other undisclosed investors. Returning investors including ARCH Venture Partners, Magnetic Ventures, Bristol Myers Squibb, Trinitas Capital and other members of the Series A syndicate also participated in the round.
The company will use the proceeds from the Series B Financing and Debt Facility to support the clinical development of new therapies targeting stress biology and innate immunity to address their role in preventing recurrence of the disease. cancer and metastasis.
Led by co-founder and CEO Alan Rigby, Ph.D., HiberCell is a biotechnology company dedicated to the development of therapeutic molecules that overcome fundamental scientific barriers that prevent patients from living longer and cancer-free. The company views cancer as a chronic disease and works to develop new therapies that treat relapses and metastases.
To this end, HiberCell is developing HC-5404-FU, the first therapeutic candidate of the “ stress modulator ” platform that has direct anti-tumor activity while simultaneously reprogramming the immunosuppressive tumor microenvironment which is fundamental for cell survival. cancerous.