BETHESDA, Md. and SINGAPORE, Sept. 23, 2024 /PRNewswire/ -- VerImmune Inc., ("VerImmune"), a venture-backed biotechnology company developing a groundbreaking Virus-inspired Particle (ViP™) platform technology, today announced the successful first closing of $4.5 million in its Pre-Series A financing round.
The financing was led by Beiley Biofund, an early-stage venture capital firm focused on cutting-edge technologies that address high unmet medical needs. New investors, including Dr. John Ballantyne, PhD, co-founder and former CSO at Aldevron, participated in the round, alongside returning investors Proxima Ventures, Mana Ventures, Gaingels, and others.
"We are extremely pleased to have completed the first closing of our Pre-Series A round. This funding signals strong market recognition of the potential for novel modalities to address unmet medical needs," said Dr Joshua Wang, PhD, Founder and CEO of VerImmune Inc. "We intend to use this capital to advance our conviction that ViP-based therapeutics will open the door to an entirely new approach to immunotherapy and other therapeutic areas."
"We are very attracted by and delighted to invest in VerImmune's Virus-inspired Particle (ViP), which is both non-viral and well differentiated. In many ways, it is technically superior to other virus-like particle modalities in addressing well recognized existing challenges. We are also impressed by the progress of the company and are confident in its future success," said Dr. Che Hsu, PhD, General Manager of Beiley Biofund.
"We are extremely pleased to continue our support for VerImmune. The company's ViP technology offers a new class of 'virally inspired' proteins that can function as a non-viral delivery system. For the first time in drug discovery, there are now systematic and efficient ways to manipulate proteins and their geometry beyond the traditional rules in recent years," said Haolin Sung, MBA Partner at Proxima Ventures.
This closing also strengthens VerImmune's Board of Directors with the addition of two seasoned executives with extensive experience in early-stage product development for novel modalities:
- Dr. Che Hsu, PhD, General Manager of Beiley. Before joining Beiley, Dr. Hsu was a successful pharmaceutical life sciences executive with a strong track record of advancing programs from discovery through IND and beyond. He has held leadership roles at both early-stage startups and established companies such as Bristol Myers Squibb and Celgene, where he contributed to the development of innovative therapies. His experience spans both science and business, making him a valuable leader in the life sciences field. Dr. Hsu is also currently an MBA candidate in the Chicago Booth Executive MBA program at the University of Chicago.
- Dr. Marta New, PhD, MBA, an experienced drug developer and former venture capitalist. Dr. New previously held leadership roles as a partner at Agent Capital, principal investor at Baxalta Ventures, and commercial lead at Baxter International's Renal Franchise. She is currently the CEO of Radyus Research and will join VerImmune as an independent director.
"We are thrilled to welcome Dr. Hsu and Dr. New to our Board of Directors," said Dr Roger Pomerantz, MD, FACP, Chair of VerImmune's Board. "Their expertise in novel modalities and deep industry knowledge will strengthen our strategic guidance and enhance our efforts toward clinical and commercial success."
VerImmune plans to utilize the funds to advance the development of its lead product candidate, VERI-101, towards clinical trials. VERI-101 is a First-in-class cancer immunotherapy that leverages the ViP to redirect pre-existing immune memory from cytomegalovirus (CMV) infection toward tumors for destruction. The company also aims to expand and accelerate strategic partnerships to unlock the potential of its ViP platform technology. One such collaboration is VerImmune's ongoing research partnership with A*STAR's Bioprocessing Technology Institute (BTI) in Singapore, which focuses on biomanufacturing process innovations.
About Beiley Biofund
Beiley Biofund is a leading venture capital firm dedicated to advancing life sciences by partnering with innovators to develop breakthrough therapies and technologies. With a strong focus on addressing unmet medical needs, Beiley actively seeks out teams pioneering impactful treatments and works closely with them to craft effective development strategies, ensuring these innovations reach the patients who need them most. As an open-ended fund, Beiley provides not only financial backing but also access to extensive networks, enabling emerging biotech entrepreneurs to build and scale their ventures. Through strategic investments and market access support, Beiley is committed to fostering a collaborative ecosystem that drives entrepreneurial success, fuels the growth of life sciences innovation, and accelerates the delivery of transformative therapeutics.
About Proxima Ventures
Proxima Ventures is a highly respected venture capital fund specializing in innovative and disruptive medical and biotechnology investments. With a focus on supporting companies with exceptional growth potential, Proxima is led by a seasoned team with a proven track record in life sciences. The team combines deep global expertise, extensive industry experience, and a vast network of connections. Proxima invests in companies from the angel to growth stages. Through its leadership, Proxima has built a thriving medical entrepreneurship ecosystem, helping its portfolio companies access top-tier clinical and industrial resources, driving transformative outcomes across the sector.
About VerImmune
VerImmune Inc (www.verimmune.com) is developing a highly innovative Virus-inspired Particle (ViP™) platform technology that has the potential to treat multiple diseases. 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 system, specifically by leveraging the 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. Beyond Oncology, VerImmune is looking into other areas of high unmet needs via the utilization of ViPs with novel properties and/or payloads that exert highly disruptive mechanisms of action."