US-based biopharmaceutical company IFM Therapeutics closed a $27m series A round co-led by Atlas Venture and Abingworth yesterday that also featured pharmaceutical firm Novartis.
IFM, a graduate of Atlas Venture’s incubator, is working on cancer treatments that use the body’s own immune system and therapies that lower certain immune responses which otherwise cause inflammatory conditions.
The money will support the company’s efforts of advancing and expanding its early-stage pipeline. IFM will also use the cash to advance its lead candidate, a treatment for solid tumours, towards clinical development.
Jean-François Formela, partner at Atlas, and Vincent Miles, partner at Abingworth, have joined IFM’s board of directors. Formela will serve as chairman.
Formela said: “While proteins in the innate immune system represent an attractive landscape of therapeutic targets, they have been notoriously difficult to drug.
“During the brief period since its founding, IFM has made excellent progress on several of these targets, reflecting its exceptional team of experienced scientists and executives, possessing expertise in medicinal chemistry, a deep understanding of the relevant biology, and relationships with academic thought leaders in the areas of immunology and immuno-oncology.”