Theraclone Secures $14M to Push Antibody Drug Programs
Seattle-based Theraclone Sciences has raised another $14 million to support its antibody drug R&D programs.
Theraclone said today it has secured $8 million in equity financing and $6 million in venture debt. The equity came from its existing investors Arch Venture Partners, Canaan Partners, MPM Capital, Healthcare Ventures, Alexandria Real Estate Equities, Versant Ventures, and Zenyaku Kogyo. The debt is coming from Midcap Financial and Silicon Valley Bank.
The company described the deal as an extension of its Series B financing, which has now brought in $50 million to support the company. This is the second time Theraclone has extended its Series B financing, after a $10.6 million cash infusion in September 2011.
The company, founded in 2005 at the Seattle-based Accelerator, was built on a new method for discovering antibody drugs. It now has an anti-flu antibody that has advanced into the second of three phases of clinical trials normally required for FDA approval. The company also has an antibody in clinical trials against cytomegalovirus, and is still working on a collaboration struck with Pfizer in January 2011.
“Theraclone has made significant progress with our lead development programs in flu and CMV as well as the discovery collaboration with Pfizer,” said Cliff Stocks (pictured above), the CEO of Theraclone, in a statement.