Lebanon, NH-based Adimab, which is developing a yeast-based human antibody discovery technology, has raised $4 million in a Series E funding round, CEO and co-founder Tillman Gerngross confirmed today. The financing was first revealed in a filing on the SEC website yesterday.
Adimab raised the new funding round at a pre-money valuation of $520 million, which is double the value of the company when it raised its Series D round led by Google Ventures in October 2009, Gerngross said. For this latest round, the firm raised funds from all previous backers, which include Google, Borealis Ventures, OrbiMed Advisors, Polaris Venture Partners, and SV Life Sciences. The purpose of the funding is to support the company’s rapid growth, the CEO said.
“We are expanding faster than I thought we would,” Gerngross said. The firm planned to grow to 50 employees this year but is now expecting to ramp up to 60 workers.
Adimab, founded in 2007, has already reported research collaborations based on its technology for rapidly discovering potential antibody drugs with four of the largest drug companies in the world—Merck & Co. (NYSE:MRK), Novartis (NYSE:NVS), Pfizer (NYSE:PFE), and Roche. The firm plans to announce multiple new research collaborations in the coming weeks, Gerngross said.
Gerngross did not say exactly how much money his firm has raised from investors, but said the total was less than $30 million.