News Article Links
U-M OncoMed Pharma Raises $33 Million
OncoMed Pharma Raises $33M Series B First Tranche
By Jonathan Matsey, Life Science Venturewire, August 30, 2006
OncoMed Pharmaceuticals Inc., a company developing therapeutics to target cancer stem cells, has raised $33 million in the first tranche of Series B financing, according to President and Chief Executive Paul Hastings.
New investor Adams Street Partners led the round, joined by existing investors Latterell Venture Partners, US Venture Partners, Morgenthaler Ventures and the Vertical Group, Hastings said.
Based in Mountain View, Calif., OncoMed, founded in 2004 with technology developed at the University of Michigan, is developing antibodies and protein therapies for cancer stem cells. Isolated only a few years ago, these stem cells appear to play a significant role in the growth and development of cancer tumors and often survive treatments that knock out other cancer cells in the body.
OncoMed has already isolated a solid tumor cancer stem cell of epithelial origin, but in order to develop that into a therapy, the company needs to identify and humanize an antibody. In order to accomplish that, the company signed a development deal with German antibody company MorphoSys AG in June.
OncoMed had raised several million dollars of additional Series A money this summer, bringing the round up to $17.9 million. Hastings said that the company had not yet intended to raise its Series B, but the offer from Adams Street was too good to turn down.
"I wasn't planning to start the Series B roadshow until now," he said. "But we were presenting to two of our LPs, and they introduced us to an investor who set the price."
Hastings declined to discuss further the company's future funding plans. "As a private company, we're sort of in stealth mode," he said.
As a result of the financing, Terry Gould, partner and head of direct investments at Adams Street, has joined OncoMed's board. Other directors are Hastings; James Woody, chairman of Latterell; Jonathan Root, general partner at USVP; Laurence Lasky, general partner at Latterell; James Broderick, general partner at Morgenthaler; and Jack Lasersohn, general partner at Vertical.
Printed from: http://www.techtransfer.umich.edu/news_events/news/article_128.php