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The Basel biotech company NBE-Therapeutics has successfully closed a series C financing round. The funds raised will help the company develop its leading product candidate to fight cancer.
The Series C financing round was led by current investors – the Boehringer Ingelheim Venture Fund and the PPF Group, announced a statement from NBE-Therapeutics. All current private investors were involved.
A total of 22 million dollars was raised, which NBE-Therapeutics will primarily use to develop its product candidate NBE-002. The first clinical trial on humans suffering from breast cancer or lung cancer is expected to take place in the summer. There are also plans to strengthen the development team, management and board with the funds.
NBE-Therapeutics develops antibody drug conjugates that stimulate the immune system. These are known as immune-stimulatory antibody drug conjugate/iADC. Unlike chemotherapy, they target only damaging cells in cancer therapy. To support its work, the company developed a platform.
“We highly value the trust our current shareholders have placed in both our technology platform and lead iADC program, through which we have been able to develop highly effective oncology treatments,” commented Ulf Grauwunder, founder and CEO of NBE-Therapeutics.
Member of the Board Jens Hennecke praised the progression of the biotech company, saying that it is now entering its next phase in becoming a leading clinical-stage company in iADC. Hennecke represents the investor PPF Group, whose subsidiary Sotio recently opened an office in the Technologiepark Basel with support from BaselArea.swiss. NBE-Therapeutics' headquarters are also in the Technologiepark Basel.