A phase 2 trial ready to expand? Check. Plans for combination studies? Check. More pipeline assets to move into the clinic? Check. With all that on the to-do list, ImCheck Therapeutics has refueled with a 96 million euro ($101 million) funding round that featured existing investors Pfizer, Gimv and more.
The innate and adaptive immunity specialist announced its third funding round today, which was co-led by Earlybird and Andera Partners. The round includes 80 million euros ($84 million) in series C funds, plus 16 million euros ($16.8 million) in the last outstanding tranche of series B converted in series C shares. The company last raised funds in 2019, when it took home 48 million euros ($53 million). Invus and The Leukemia & Lymphoma Society Therapy Acceleration Program joined as new investors.
ImCheck will use the cash to support a phase 2a expansion study for lead compound ICT01, which is an anti-BTN3A monoclonal antibody in development for both solid tumors and also hematologic cancers. The company will examine the candidate as a combo therapy in the studies to come. The fundraising will help prep ImCheck for moving ICT01 into pivotal studies that could support regulatory filings in the EU and U.S.
Funds will also be directed towards additional antibody candidates in ImCheck’s pipeline, which include ICT03, ICT04 and ICT08 for solid tumors and blood cancers. The company is also exploring autoimmune disorders with ICT21 and ICT23.
The €96 million total funding is a standout in a biotech market that has seen plummeting interest, mass layoffs and tumbling share prices—a fact not lost on CEO Pierre d’Epenoux.
“In a highly challenging funding market, we have secured a significant fundraising through the addition of highly strategic and valuable investors from the U.S. and Europe, putting us in a position to further deliver on the immense promise of our pipeline,” he said in a statement.
The company’s total fundraising has now topped 154 million euros ($162 million), according to CFO Hans Henrik Christensen. The new cash will extend ImCheck’s runway into 2026.
ImCheck’s technology aims to overcome tumor resistance to adaptive immune responses by tackling an immune checkpoint target called butyrophilins. These can be used to bridge the innate and adaptive immune responses by engaging immune cells such as gamma-delta T cells, CD3, CD8, NK cells and macrophages.