VerImmune Inc Announces Closing of Seed Financing to Further Develop Novel Virus-inspired Particle Immunotherapies
Financing led by SeedFolio, an early-stage high-tech biotech venture investment firm with participation from Ulu Ventures, Proxima VC, NuFund Venture group, Gaingels, Mana Ventures, and others.
WASHINGTON, D.C., July 27, 2022 /PRNewswire-PRWeb/ -- VerImmune, Inc. ("VerImmune"), a biotechnology company developing new therapeutic modalities that aim to redirect the body's pre-existing immunity toward cancer, announced today the close of $2.5 million in Seed funding. The round was led by SeedFolio, a seed series venture capital firm focused on innovative, early-stage companies with game-changing impact potential. The round also included participation from US and global investment venture firms such as Ulu Ventures, and Proxima VC as well as leading private investment syndicate funds such as the NuFund Venture group (previously Tech Coast Angels- San Diego), Gaingels, Mana Ventures, and others.
VerImmune intends to use this Seed round financing to further accelerate VerImmune's lead product development timelines as well as grow the company's team.
"We are delighted to successfully complete this new seed financing round. Our ability to attract a high-quality diverse group of both US and international investors reflects the global enthusiasm for VerImmune's technology, management and plans to develop this potentially transformative immuno-oncology treatment for all cancer patients," said Joshua Wang, Founding CEO. "This closing comes at an exciting time for VerImmune as it marks the third wave of deals VerImmune has been able to achieve in the last 6 months following announcements on collaborations with well-established global pharmaceutical companies earlier this year."
"We are delighted to have led the financing for VerImmune. They have stood out due to their highly differentiated platform and mechanistic approach to target tumors for destruction," said Joe Gatto, Managing Director of SeedFolio and VerImmune's lead investor. "Despite their founding during the Covid-19 pandemic and recent market uncertainties, I have been very impressed by their resiliency and continued ability to produce strong supportive preclinical data."
Another major investor, Haolin Sung, Partner at Proxima VC, a healthcare investment firm that focuses on outstanding enterprises with highly innovative technologies, also said the following: "We are extremely excited for VerImmune's ViP (Virus-inspired Particle) platform technology. Cancer remains as a huge unmet medical need, and we see the potential pivotal role of benefiting cancer patients through the Anti-tumor Immune Redirection (AIR) approach. Importantly, we see the opportunity for the ViP to change treatment paradigms beyond oncology." Mr. Sung, will be joining VerImmune's board of directors and represent this round of seed investors.
VerImmune was founded in early 2020 and had been headquartered for the past two years at Fastfoward 1812, near Johns Hopkins East Baltimore Campus in Maryland. In early 2022, the company moved its research and development laboratories to Johnson & Johnson Innovation – JLABS @ Washington, DC and is now fully operational. The relocation of VerImmune's laboratory headquarters continues to be within the BioHealth Capital Region (BHCR) cluster which consists of Maryland, Washington D.C and Virginia.
"As we contemplated expanding our presence and growth in 2022, remaining in the BHCR cluster was crucial for us given our strong existing relationships within this rich ecosystem of public and private institutions. This is an exciting time for us as we look towards expanding our team and maturing our company development pipeline with our funding, partnerships, and new state-of-the-art research facilities at JLABS @ Washington, DC," said John Troyer, COO.
About VerImmune
VerImmune is an early-stage biotechnology company developing a first-in-class cancer therapy known as Anti-tumor Immune Redirection (AIR). This strategy utilizes a proprietary virus-inspired particle (ViP) platform that redirects pre-existing pathogenic or childhood vaccine immune memory towards tumors. This unique mechanism of action allows differentiation within the competitive Immuno-Oncology market. Importantly, it potentially changes the treatment paradigm for many patients who have un-treatable cancers due to limited options or resistance.
For more information visit: http://www.verimmune.com
Media Contact
Josh Wang, VerImmune Inc, 1 2027226454, [email protected]
SOURCE VerImmune Inc
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