Cancer-focused biotech company Imvax raised $23M to advance clinical trials

Cancer-focused biotech company Imvax announced the initial closing of a $23 million fundraising round this week. The Curtis-based firm plans to continue fundraising in the upcoming months.

This funding will support Imvax’s Phase 2b clinical trial of IGV-001, its therapy for patients with newly diagnosed glioblastoma.

“The support of our existing investors in this fundraising reflects their belief in the promise of IGV-001 and their commitment to patients facing a GBM diagnosis,” said John P. Furey, CEO of Imvax, in a written statement.“We are making tremendous progress in the Phase 2b trial, and our expectation is that the study will be fully enrolled in the first half of 2024.”

Imvax also announced that David W. Andrews stepped down from the board of directors but remains the company’s chief medical officer. Stephen Webster, previously the CFO of prominent local cell and gene therapy firm Spark Therapeutics, was appointed to the board in his place.

Webster has over 30 years of experience raising capital and handling business development and operations in the biotech industry, and is currently a director at the pharmaceutical companies Cullinan Oncology, Inc., and NextCure, Inc.

“IGV-001 for GBM and the Goldspire platform reflect a unique and potentially transformative approach to personalized, whole tumor-derived immunotherapy,” Webster said. “I look forward to working with the Imvax management team and Board to help realize the company’s mission to deliver transformative therapies for patients.”

A spokesperson for Invax did not immediately respond to Technical.ly’s request for comment about who funded this round, plans for company growth and current headcount.

The raise comes on the heels of several other notable Philly-area funding rounds in the life sciences space, including $90.9 million for Lyric, $75 million for FORE Biotherapeutics and $17 million for Verismo Therapeutics.