NovImmune raises $20.7M for mAb work

BZ Bank Aktiengesellschaft has led a $20.7 million Series B round of financing Geneva-based NovImmune. The company is developing therapeutic monoclonal antibodies for inflammatory diseases and immune-related disorders. Over the summer NovImmune inked a licensing deal with Genentech has for an inflammatory and autoimmune disease antibody.

"...[T]the current financing round allows NovImmune to generate proof-of-concept data with at least two compounds, increase the number of partnerships, and complete the validation of its proprietary bispecific antibody generation platform (kappa-lambdabodies)," said CEO Jack Barbut in a statement. The financing, he added, gives NovImmune a strong cash position in 2011 and allow the company to pursue other partnerships.

- here's NovImmune's release