Imago BioSciences, US-based drug developer focusing on managing blood cancers, has raised $40m in a series B round featuring contract research provider Pharmaron and pharmaceutical firms Merck & Co and Amgen.
Investment firm Omega Funds led the round, which included Frazier Healthcare Partners, HighLight Capital and Greenspring Associates, while Amgen and Merck took part through their Amgen Ventures and MRL Ventures Fund subsidiaries.
Founded in 2012, Imago is working on therapeutics that are intended to help patients manage bone marrow diseases which are caused by uncontrolled cell growth as a result of genetic mutations.
The company’s lead product candidate, IMG-7289, recently completed a study for patients with acute myeloid leukaemia and high-risk myelodysplastic syndrome, a blood disorder that reduces the number of healthy blood cells in bone marrow.
The funding will support research and clinical development of candidates for myelofibrosis and other blood cancers.
Hugh Young Rienhoff, Jr, Imago’s CEO, said: “Imago BioSciences is extremely gratified with the interest and support of the investment community; we are particularly pleased with the composition of this new investment syndicate. These funds will enable Imago to advance our programs through the completion of phase 2b studies.”
Clarus Ventures led the $26.5m first tranche of a series A round for the company in 2014 that included Amgen Ventures, MRL Venture Fund and Frazier Healthcare Partners, before the round closed at $40.5m in February 2017 according to a regulatory filing.