Affimed raises €20M to fund innovative antibody trials

With its lead antibody program poised to go into the clinic later this year and two more therapies expected to follow in 2011, Germany's Affimed Therapeutics AG has raised 20 million euros in a Series C.

Affimed CEO Dr. Rolf H. Günther said that the money will fuel the work needed to produce data on its two top development programs. "This financing will also provide us with an excellent basis to support further development of our therapeutic pipeline and strengthen our position in partnering discussions."

Affimed's antibodies are designed to carry out multiple functions. The lead antibody--AFM13 for Hodgkin's lymphoma--binds target molecules to cell surfaces and triggers a T cell attack on the selected cancer cells. The developer has dubbed its antibody platform TandAb technology.

Existing investors aeris Capital, BioMedInvest, LSP Life Sciences Partners, Novo Nordisk A/S and Orbimed pitched in cash, and Affimed says that additional partners may add money to the Series C at a later date.

- here's Affimed's press release