Biotech Company in Exton Aims to Raise $27 Million to Further Its Potential COVID-19 Therapy

Immunome CEO Purnanand Sarma.

Exton-based Immunome has entered into a deal with a group of accredited investors to raise $27 million through a private stock placement, writes John George for the Philadelphia Business Journal.

Immunome is selling one million units at $27 per unit.

The antibody therapeutics company will use the proceeds to accelerate the development of its drug candidates that target cancer and infectious diseases. This includes a potential COVID-19 therapy.

Earlier this week, Immunome announced that its experimental SARS-CoV-2 “antibody cocktail” successfully neutralized several COVID-19 variants in preclinical testing. It showed progress in fighting U.K., South Africa, Brazil, and California strains.

The company expects to file an investigational new drug application with the FDA for the therapy this summer. If it receives approval, the company can start human testing of the treatment.

“The strength of our data gives us the confidence to continue advancing IMM-BCP-01 towards an IND filing,” said Purnanand Sarma, CEO of Immunome. “The preclinical results we have shared today bear witness to our discovery engine’s ability to rapidly identify powerful and rare antibodies for inclusion in our antibody cocktail.”

Read more about Immunome in the Philadelphia Business Journal.

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