US-based pharmaceutical company EntreMed confirmed on Mondy that it had secured $9.3m in a funding round previously announced on January 23rd, and led by IDG-Accel China Growth Fund, the investment partnership run by the International Data Group and venture capital firm Accel Partners.
IDG-Accel was joined by investors including VC fund Emerging Technology Partners and Tak W. Mak, director of the Campbell Family Institute for Breast Cancer Research.
EntreMed also negotiated an agreement with another investor, pharmaceutical corporation Celgene, to convert the series A preferred stock it holds in EntreMed to common stock. A condition of the deal was thar EntreMed terminate its $7.5m standby equity distribution agreement with investment firm Yorkville Advisors, obtained in June last year.
EntreMed operates in the clinical stage, with an inhibitor currently in clinical studies for the treatment of oncological illnesses including ovarian cancer, solid tumours and leukaemia.
In conjunction with the closing of the round, Wei-Wu He, general partner at Emerging Technology Partners, has been appointed executive chairman of Entremed, while Tak W. Mak has been elected to the board of directors.
They replace outgoing board members Michael Tarnow and Donald Brooks, the former of which will provide consultancy services to EntreMed up until the end of May.