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Apexigen Raises $65 million in Series C Extension funding
Fremont, CA: Apexigen, a clinical-stage biopharmaceutical company set on discovering and developing a new generation of antibody therapeutics for oncology, closes an equity financing of $65 million. Decheng Capital and the company's latest investor Oceanpine Capital with other existing investors have led this recent round of funding, which is an extension to Apexigen's Series C financing of $58 million, which was conducted in August 2018. The round collectively brings the Series C funding to $123 million. The completion of the Series C financing in total brings the equity raised till date by Apexigen to $158 million.
The company plans to utilize the proceeds from funding to support the ongoing clinical trials of its leading immunotherapeutic, APX005M; a monoclonal antibody focused on CD40. At present, the APX005M is in its multiple Phase 2 clinical trials, tending to various types of solid tumors. The proceeds from the funding will also be used to develop Apexigen's pipeline of therapies, including the advancement of a minimum of one new proprietary immunotherapeutic product candidate into Phase 1 of its clinical development.
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[vendor_logo_first]"Over the past year and a half, we have made exceptional progress and generated compelling data from our ongoing clinical trials with APX005M, which to date have enrolled and treated over 400 cancer patients. Besides, the regulatory approval and commercial launch of a licensed product, the first for a product that emerged from our APXiMAB discovery platform, provided further validation for the platform," said Xiaodong Yang, M.D., Ph.D., President and Chief Executive Officer of Apexigen. "We welcome the support of both new and existing investors in our efforts to advance a new generation of immunotherapeutic agents to treat a diverse range of malignancies."
APX005M is a novel, humanized monoclonal antibody that stimulates the immune response against tumors. APX005M focuses on CD40, a co-stimulatory receptor that is necessary for activating both innate and adaptive immune systems. The binding of AP005M to CD40 on antigen-presenting cells (like dendritic cells, monocytes, and B-cells) ignites a multi-faceted immune response drawing multiple components of the immune system to function in line against cancer. APX005M is presently in its Phase 2 clinical development for the treatment of cancers such as esophageal and gastroesophageal junction cancers, pancreatic cancers, melanoma, non-small cell lung cancer, and sarcoma in various combinations of immunotherapy, chemotherapy or radiation therapy.
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