VANCOUVER, Sept. 6, 2012 /CNW/ - Zymeworks Inc., a privately held
biotherapeutics company focused on the development of best-in-class
bi-specific antibody therapeutics and multi-valent protein
therapeutics, today announced the completion of a common share offering
totaling $11.0 million. The financing was led by the Advanced
Biotechnologies Venture Fund ("ABVF") group of funds, and included
investments by both new and existing private shareholders. Further
financial terms are not disclosed. Zymeworks will use the proceeds to
advance its lead oncology candidates through late stage preclinical
studies and into the clinic.
"I'm excited about what this financing means to Zymeworks, and
ultimately what it will mean to patients around the globe who stand to
benefit from novel bi-specific antibody therapeutic candidates
advancing into clinic trials," said Dr. Ali Tehrani, President and CEO
of Zymeworks. "This financing provides Zymeworks with the additional
financial resources to accelerate our research and development plans,
including advancing our AlbuCORE™ program through solid tumor
penetration studies and disease models. Moreover, it allows us to move
forward into our next round of corporate growth and partnering with a
strong financial footing."
"We are happy to receive the continuing support of the ABVF group of
funds, and to be able to announce the private placement in conjunction
with the achievement of a milestone payment under our research
collaboration with Merck," says Neil Klompas, Zymeworks' Chief
Financial Officer. "The ongoing commitment of our new and existing
shareholders, coupled with initiatives like the federal Scientific
Research and Experimental Development program, the National Research
Council's Industrial Research Assistance Program and the Province of
British Columbia's Eligible Business Corporation and Venture Capital
Corporation investment capital programs, ensures that the research
being undertaken by Zymeworks will have a profound impact in the lives
of patients in Canada and around the world."
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 the AlbuCORE™ Multi-Valent Platform
The AlbuCORE™ Scaffold is a novel multi-valent targeting platform
capable of improved cross-linking across disease targets and effectors
with superior target specificities. Based on human serum albumin,
AlbuCORE™ is an ideal antibody alternative platform with superior tumor
penetration and retention characteristics. Furthermore, the platform
has optimal pharmacokinetic profiles and is naturally devoid of innate
effector activity while being non-immunogenic.
SOURCE: Zymeworks Inc.
For further information:
Ali Tehrani, Ph.D.
President & CEO