AAA Carisma motivates investors for $47m series B

Carisma motivates investors for $47m series B

Carisma Therapeutics, a US-based cancer immunotherapy spinout of University of Pennsylvania, has closed a $47m series B round featuring pharmaceutical companies Livzon Pharmaceutical, Merck & Co and AbbVie.

The round was led by investment fund Symbiosis II and included IP Group, Solasta Ventures, HealthCap, Wellington Partners, TPG Biotech and Agent Capital, while Merck and AbbVie invested through MRL Ventures Fund and AbbVie Ventures respectively.

Founded in 2016, Carisma is developing cancer drugs targeting immune system cells called macrophages to treat metastatic solid tumours. Patients are currently being enrolled for a phase 1 study for its lead product candidate, CT-0508.

Beyond financing the CT-0508 clinical trial, the funding will support research and development activities that include targeting non-oncology indications. The company said it has now collected approximately $109m in funding altogether.

Carisma closed a $59m series A round in 2018 that included AbbVie Ventures, MRL Ventures Fund, University of Pennsylvania’s Penn Medicine health system, HealthCap, IP Group, Grazia Equity, Wellington Partners, TPG Biotech and Agent Capital.

AbbVie Ventures and HealthCap had already co-led a round of undisclosed size for the company in 2017,  participating together with IP Group and Grazia Equity.

The original version of this article appeared on our sister site, Global University Ventures.

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