WASHINGTON, Sept. 20, 2023 /PRNewswire/ -- VerImmune Inc. ("VerImmune"), an early-stage biotechnology company specializing in the development of innovative products based on a novel Virus-inspired Particle (ViP™) technology platform, announced today the securing of an additional $3.125 million from follow-on Seed financing and a partnership milestone payment.
The follow-on financing was led by previous investor, Proxima VC, a specialist seed-to-growth healthcare venture capital firm with participation from other previous investors such as Gaingels, Mana Ventures and others. In addition to this financing, a milestone payment from Fosun Pharma USA was triggered by the successful completion of a process development milestone.
"Receiving this additional $3.125M financing and milestone payment resulting from our successful FDA pre-IND meeting and significant progress on CMC activities is an important step for VerImmune that further strengthens our financial position." said Joshua Wang, Founder and CEO. "We continue to be grateful to our internal team, network of advisors, existing investors, and pharmaceutical partners such as Fosun Pharma USA who believe in our technology platform and therapeutic potential of VERI-101. We intend to capitalize on this momentum and efficiently execute the next stages to enable the filing of an IND for VERI-101."
VerImmune's primary focus lies in the field of Oncology, wherein the ViP technology enables a pioneering first-in-class cancer immunotherapy approach known as Anti-tumor Immune Redirection (AIR). This innovative method harnesses the body's pre-existing immune memory from past infections or childhood vaccination to combat cancer. By taking a highly orthogonal approach, VerImmune's technology holds immense potential to revolutionize the Immuno-Oncology market, offering new treatment possibilities for patients facing limited options or resistance to current cancer therapies.
About VerImmune
VerImmune is at the forefront of innovation, dedicated to the development of a groundbreaking first-in-class cancer immunotherapy called Anti-tumor Immune Redirection (AIR). This unique strategy leverages a proprietary virus-inspired particle (ViP) technology platform to redirect pre-existing pathogenic or childhood vaccine immune memory toward tumors. VerImmune's lead immuno-oncology product candidate, VERI-101, utilizes the ViP platform to harnesses the cellular immune memory responses from prior cytomegalovirus (CMV) infection to fight cancer. Such a mechanism of action not only differentiates VerImmune within the competitive Immuno-Oncology market but also has the potential to redefine the treatment paradigm, as a stand-alone product or in combination with other immunotherapies, for patients with untreatable cancers or resistance to existing therapies. For more information, please visit http://www.verimmune.com.