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.
SOURCE Zymeworks Inc.
For further information:
Ali Tehrani, Ph.D.
President & CEO
CTI Life Sciences Fund
Shermaine Tilley, Ph.D., MBA
Advanced Biotechnologies Venture Fund