GlobeImmune's Second Round Highlights New Role for Bioventure Funds
One of the more noteworthy venture capital rounds of the quarter has fattened the bank account of Denver-based GlobeImmune. Several drug developers with an interest in its technology were among the company's investors.
GlobeImmune ended up pocketing $34.3 million in its second round earlier in the week, big news for the future of Tarmogens, immunotherapy products being developed to fight cancer and infectious diseases.
"This is a very significant milestone for us," said Dr. Timothy C. Rodell,
CEO of GlobeImmune. "This funding will enable us to continue the development of our two lead clinical products, GI-4000 and GI-5005, evaluating the clinical utility of the Tarmogen technology in oncology and infectious disease. We believe the participation of both corporate and traditional venture capital funds in the Series B financing highlights the broad potential of, and interest in, the Tarmogen technology."
That was clear from the role Lilly Ventures played in leading the round. Biogen Idec and Genentech also participated with venture funds of their own. Dr. Robert Peach, from Biogen Idec, will join the GlobeImmune Scientific Advisory Board.
This type of venture participation from leading biopharma companies offers valuable relationships that are likely to grow in coming years. By adding money and research assets to new technologies, biopharma companies are helping grow new products for the future. In biotechnology more than many other industries, it's the company you keep that helps establish your reputation in the field. These venture partnerships speak volumes about a company's research potential.
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