Theraclone Sciences' acting CEO Steven Gillis is backing up what he told FierceBiotech recently about his firm's financing plans. The Seattle-based biotech, which was just named a 2011 Fierce 15 company, has tacked on $10.6 million to its Series B round of financing with the support of previous backers.
The upstart plans to put the money into moving ahead with its I-Star platform that enables the firm to quickly identify human antibodies that can serve as therapies against cancer, infectious diseases and other illnesses, according to the company. Gillis, a managing director at ARCH Venture Partners, has told us that the financing would provide a cash cushion for the permanent chief executive the firm hopes to recruit.
"The anticipated near-term initiation of Theraclone's first clinical trial and our discovery collaboration with Pfizer earlier this year are important milestones that demonstrate Theraclone's continued progress with our R&D pipeline and technology platform," Gillis said in a statement. "The continued support from our investors represents both a vote of confidence and an ability to sustain our rapid pace of activity and progress."
The latest cash infusion brings the 6-year-old biotech's second-round financing to $41 million, and it included contributions from ARCH, Alexandria Real Estate Equities, Amgen Ventures, Canaan Partners, Healthcare Ventures and Zenyaku Kogyo.
- here's the release
Special Report: FierceBiotech's 2011 Fierce 15