Zymeworks has raised a US$ 61.5 million Series A mezzanine financing to support the advancement of its Azymetric therapeutics pipeline.
The financing was supported by a syndicate of U.S. and Canadian institutional investors, including all existing institutional and strategic investors.
The financing was co-led by new investors BDC Capital and Lumira Capital, and joined by existing Zymeworks investors Eli Lilly and Company, Celgene, CTI Life Sciences Fund, and the Fonds de solidarité FTQ. New investors included Perceptive Advisors, Teralys Capital, and Northleaf Venture Catalyst Fund.
Proceeds of the financing will reportedly support clinical development of Zymeworks’ lead therapeutic candidates, ZW25 and ZW33, which the Company plans to move into clinical development later this year.
“This financing provides Zymeworks the capital and resources to move multiple potentially game-changing therapeutic candidates not only into the clinic, but through to meaningful clinical inflection points,” said Dr. Ali Tehrani, President and Chief Executive Officer of Zymeworks. “Furthermore, this financing adds the experience of seasoned U.S. and Canadian biotech investors, and demonstrates the support of our existing strategic and institutional investor base as we look forward to the next stage in our growth and evolution as a leader in the field of bispecific and multivalent antibody therapeutics.”
“The company is building the leading technology platform for targeted therapies and the addition of this capital enables the company to advance life enhancing therapies into clinical testing,” added Madsen.
“The potential of Zymeworks’ science and technology are underscored by the significant commitments made by leading oncology companies and biotech investors,” said Dr. Hétu.