Inhibrx, a US-based biologic drug developer backed by corporate investors Eli Lilly and WuXi Biologics, raised $40m in convertible promissory note financing from hedge fund Viking Global Investors on Tuesday.
Originally known as Tenium Therapeutics, Inhibrx has developed a protein engineering platform, SdAb, that is capable of generating treatments addressing complex diseases.
The company is focusing its efforts on cancer and orphan conditions, such as Alpha-1, an inherited disorder that can lead to lung and liver diseases. It also hopes to target infectious diseases, though none of its lead assets are currently aimed at such a condition.
The funding will be used to advance Inhibrx’s drug pipeline as it aims to add two clinical-stage programs to its arsenal by the end of 2019. The round brought its total equity and debt financing to $135m.
Pharmaceutical development services provider WuXi Biologics has been confirmed as an investor in Inhibrx having signed a strategic collaboration agreement with the company in September 2018.
Lilly Asia Ventures, a regional corporate venturing subsidiary of pharmaceutical firm Eli Lilly, is also among Inhibrx’s backers, as are life sciences real estate investment trust Alexandria Real Estate Equities, investment manager RA Capital and asset management firm ArrowMark Partners. It has not revealed details of any earlier funding.
