Adimab, Inc. announces Series B Financing – Polaris and SV Life Sciences co-lead the investment
Adimab, Inc., a biotechnology company developing a human antibody discovery platform in yeast, today announced the closing of Series B financing. The total amount of the financing was not disclosed. The round was co-led by Polaris Venture Partners and SV Life Sciences, both of whom were previous investors in Adimab.
“Since Adimab’s founding in 2007 we have experienced significant interest from both potential partners and investment groups,” said Errik Anderson, Vice President of Operations and Finance. “This financing, at a significant step up in valuation, allows us to confidently build the capacity to execute multiple programs with our partners.”
“Although the company was well capitalized, we felt that additional resources would allow us to more aggressively execute our hiring plan for 2008,” commented Tillman Gerngross, Ph.D., Chief Executive Officer of Adimab. “We have also accelerated our high throughput antibody expression and fermentation program, which is now expected to come on line in the second quarter of this year. Upon completion, we will be able to go from antigen to a panel of fully human antibodies in less than ninety days.”
“We have seen many antibody discovery platforms and felt that Adimab has the most compelling and seamless offering,” said Michael Ross, Ph.D., Managing Partner, SV Life Sciences. “Adimab has assembled a great team, has a thorough understanding of the IP, has made excellent progress on its technology, and has generated strong interest from several partners.”
“Tillman runs a lean team, but they consistently set high expectations and then over-deliver”, says Terry McGuire, Managing General Partner of Polaris Ventures. “The speed at which Adimab assembled a word class antibody discovery team and implemented its business strategy was impressive.”
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 five funds with capital commitments of approximately $1.6 billion.