Despite a recent Ernst & Young report on the funding challenges in Canada, Inimex Pharmaceuticals managed to round up a healthy $22 million in Series B funding. The company is launching the first clinical trials of an Innate Defense Regulator (IDR) drug in patients and assessing IDR drugs in a range of disease models. IDRs are novel drugs that selectively trigger the body's innate defenses, protecting against antibiotic-resistant infections and controlling inflammation. CEO John North said IDRs peptides could treat infections related to cystic fibrosis, pneumonia, inflammation and in cancer patients undergoing chemotherapy.
Morningside Venture Investments led the round, along with new investors Roche Venture Fund, Switzerland, CA-based Astellas Venture Management, and BC-based Advantage Life Science Fund II. Additional investors also participated.
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