Adimab, Inc. Secures Series A Financing from Polaris and SV Life Sciences
Adimab, Inc., a biotech startup developing an integrated yeast-based antibody discovery, maturation and biomanufacturing platform, announced today the closing of a $6.2mm Series A financing.
The round was led by Polaris Venture Partners and SV Life Sciences who were joined by Angeli Parvi. In addition, Polaris Managing Partner Terry McGuire and SV Managing Partner Mike Ross joined Adimab’s Board of Directors.
Adimab was co-founded earlier in 2007 by Tillman Gerngross and Dane Wittrup, two pioneers in yeast biotechnology. Glycofi , the yeast glycoengineering company Dr. Gerngross co-founded, was recently bought by Merck for $400 million. Dr. Wittrup’s early yeast display technology was acquired by Abbott Laboratories in 2002.
“We believe Adimab’s integrated, yeast-based approach offers a compelling fully integrated next-generation antibody discovery and development platform,” stated SV Life Science’s Mike Ross. “In terms of speed to market, quality of antibody and freedom to operate, a yeast based approach has many advantages, and Tillman and Dane are the dream team of yeast engineering. If anyone is going to make this work, it’s them.”
Terry McGuire at Polaris added, “we’re hoping to apply some of the same business concepts to Adimab as we did to GlycoFi. We’re thrilled to be invested in this company and we’re hopeful to put at least $20-$50 million of Polaris’ money to work in Adimab.”
About Polaris Venture Partners Polaris Venture Partners is a partnership of experienced private equity investors, operating executives and entrepreneurs. The firm’s mission is to identify, invest in and partner with seed, early stage, and middle market businesses with exceptional promise and help them grow into market-leading companies. The firm has over $3 billion under management, more than 20 investment professionals, and current investments in more than 75 companies.
About SV Life Sciences SV Life Sciences is a venture capital fund providing financing to businesses at all stages of development across the human life sciences sector, including biotechnology, pharmaceuticals, medical devices and instruments, and healthcare information technology and services. SV Life Sciences currently manages or advises fi ve funds with capital commitments of approximately $1.2 billion.