September 23, 2014
Eureka Therapeutics, Inc. announced today that the Company has secured $21 million in a Series C Financing. The new funding will be used to expand the Company's cancer immunotherapy pipeline and advance its lead programs to clinical development. New investor Yuan Capital led the round, with participation from Majuven and all existing major investors, including Acorn Campus Ventures, Suma Venture and Harbinger Venture Capital.
Eureka is engaged in the discovery and development of fully-human antibodies engineered to mimic the functions of a T cell receptor, a key component of the immune system. These therapeutic antibodies are designed to recognize proteins residing inside of cancer cells, and mobilize a patient's immune system to recognize and kill the diseased cell.
"This new funding will allow us to expand and advance our drug pipeline, as well as explore the synergistic effects of our drug candidates with other immunotherapies and immune modulators," said Cheng Liu, PhD, President and CEO of Eureka Therapeutics. "This moves us closer to our goal of providing cancer patients with safer and more effective treatments through novel immunotherapies."
"We are pleased to have the continued confidence and support of our existing investors, and we welcome our new investors," added Dr. Liu.
Earlier this year, the Company announced a license agreement with Novartis for the development and commercialization of ESK1, a preclinical-stage monoclonal antibody for the treatment of leukemia and other cancers. The antibody, targeting the intracellular protein WT1, was developed under a collaborative effort between Eureka Therapeutics and Memorial Sloan-Kettering Cancer Center.
About Yuan Life Sciences
Yuan Capital is a private equity firm with offices in Beijing and Hong Kong. It focuses on world-class investment opportunities with a strong emphasis on China. Founded by seasoned investors and renowned business leaders from China, Yuan Capital leverages its deep expertise and network to help companies worldwide become successful in the region. It has invested in many leading players in a variety of sectors including technology, healthcare and finance.
About Eureka Therapeutics
Eureka Therapeutics is a privately held biotechnology company located in the San Francisco Bay Area, focused on the discovery of fully-human antibody drugs for the treatment of cancer. Utilizing its antibody drug discovery and engineering technologies, Eureka is advancing safe and effective therapies for targeting previously inaccessible cancer antigens. The company has built an early stage pipeline of innovative drugs, with the most advanced candidates at pre-clinical stage in collaboration with Memorial Sloan-Kettering Cancer Center. For more information about Eureka Therapeutics, please visit: www.eurekainc.com.
Elisa Pan, Head of Business Operations
Eureka Therapeutics, Inc.
5858 Horton Street, Suite 362
Emeryville, CA 94608