Zymeworks Completes $8.1 Million Round of Financing to Advance Platform Technology and Therapeutics Pipeline Programs
VANCOUVER, Sept. 22, 2011 /CNW/ - Zymeworks Inc., a privately held biotherapeutics company focused on the development of best-in-class antibody and next generation protein-based therapeutics, today announced the completion of a financing totaling $8.1 million. The financing consists of a follow-on round of institutional investment by CTI Life Sciences Fund, L.P. ("CTI"), as well as a new investment by Advanced Biotechnologies Venture Fund ("ABVF") and investments by several existing private shareholders. Further financial terms are not disclosed. Zymeworks will use the proceeds to advance its Azymetric™ and AlbuCORE™ platforms, as well as the development of Zymeworks' best-in-class protein therapeutics pipeline in the areas of cancer, autoimmunity and inflammatory diseases.
"We are thrilled to receive CTI's ongoing support, and to be able to announce this financing close on the heels of our strategic collaboration with Merck," says Dr. Ali Tehrani, President and CEO of Zymeworks. "The continued support of CTI, as well as the ongoing commitment of our existing investor base and investment by ABVF will allow us to further advance our Azymetric™, AlbuCORE™ and EFECT™ platforms, to accelerate the development of our protein therapeutics pipeline, and to ultimately make a difference in the lives of patients across the globe."
"We are very excited to welcome ABVF as a shareholder, and to be able to represent ABVF's initial portfolio investment," says Mr. Neil Klompas, Chief Financial Officer of Zymeworks. "ABVF's investment in Zymeworks and the strong backing of CTI and our other shareholders, in combination with our recently announced collaboration with Merck, provide planning certainty and will allow us to maximize shareholder value as we advance our biotherapeutics technology platforms into subsequent commercial collaborations."
"Zymeworks has made significant advances in its antibody and protein-therapeutics engineering platforms. In light of the recent announcement of a deal with Merck and key internal milestones related to its platform technologies, we remain enthusiastic about Zymeworks' unique approach to developing best-in-class biologics, and look forward to being a part of Zymeworks' future success," says Dr. Shermaine Tilley, Partner at CTI Life Sciences Fund.
About Zymeworks Inc.
Zymeworks is a privately held biotechnology company that is developing best-in-class antibody therapeutics for the treatment of oncology, autoimmunity and inflammatory diseases. The company's proprietary ZymeCAD™ structure-guided protein engineering technology and its novel Azymetric™ and AlbuCORE™ platforms enable the development of highly potent bi-specific antibodies and multivalent protein therapeutics targeted across a range of indications. Zymeworks is focused on growing its preclinical biotherapeutics pipeline through in-house research and development programs and strategic collaborations. More information on Zymeworks can be found at www.zymeworks.com.
About CTI Life Sciences Fund, L.P.
CTI is a Montreal-based limited partnership making venture capital investments in high quality emerging life sciences companies at the start-up and clinical development stage in North America, primarily in Canada. CTI has a diverse team of professionals in science and finance with extensive experience in the biotechnology and the pharmaceutical industries. The Fund works closely with entrepreneurs and researchers to increase the value of young companies. More information on CTI can be found at www.ctisciences.com.
About Advanced Biotechnologies Venture Fund
Advanced Biotechnologies Venture Fund ("ABVF") is a boutique venture fund investing in leading-edge opportunities in the biotechnology, medical device, healthcare IT and specialty pharmaceutical sectors. ABVF is focusing its investments in promising companies that have demonstrated early stage technology platforms proven by compelling internal data or early stage collaborations with known industry leaders. ABVF is focused on platform technologies or discovery platforms that address demonstrated market requirements in areas of high-unmet medical need. ABVF does not invest in single molecule or device opportunities where the fund's capital is placed at risk in a binary event. More information on ABVF can be found at www.abventurefund.com.
For further information:
Ali Tehrani, Ph.D.
President & CEO
CTI Life Sciences Fund
Shermaine Tilley, Ph.D., MBA
Advanced Biotechnologies Venture Fund