West Chester-based Radiant Biotherapeutics has recently received $35 million in new financing, writes Alison McCook for The Philadelphia Inquirer.
The funding was led by the Bill and Melinda Gates Foundation and a venture capital firm based in Canada.
The company plans on using the financing to develop its signature technology, the Multabody. The compound is specifically engineered to bind to multiple sites on its disease target, which gives it a much stronger hold.
“And in doing that, we can go after targets that a traditional antibody may not be able to go after,” said Radiant’s CEO Arthur J. Fratamico.
The Multabody could be used in treatment for a variety of diseases, such as HIV and cancer.
Fratamico is based in West Chester, in the company’s only U.S. office, while its labs are located in Toronto. However, the company plans to expand its presence in the Philadelphia region by adding more managers.
Fratamico said that the new round of financing is indicative of confidence in the company’s technology.
He did not specify how much exactly of the $35 million was provided by the Gates Foundation, but he did note that it was “a substantial amount.”
Read more about Radiant Biotherapeutics receiving funding from the Bill & Melinda Gates Foundation in The Philadelphia Inquirer.
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