Adimab Completes Series D Financing Led by Google Ventures

October 01, 2009 Lebanon, NH PDF

Adimab, Inc., a world leader in human antibody discovery, today announced the closing of a Series D financing led by Google Ventures with participation by previous investors Polaris Ventures, SV Life Sciences, OrbiMed Advisors and Borealis Ventures. Bill Maris of Google Ventures will join Adimab’s Board of Directors. The total amount of the financing was not disclosed.

“Cutting-edge life science technologies are extremely computationally intensive, and Google Ventures will contribute valuable input as Adimab works to become the world’s leading antibody discovery company”, said Bill Maris, Managing Partner at Google Ventures. “Adimab’s technology is truly groundbreaking, and we are thrilled to join their existing investors to support the company’s growth.”

“Adimab reviewed multiple investment proposals but it was clear that Google Ventures immediately understood our value proposition - that a prolific discovery platform can drive even greater productivity when integrated with advanced computational tools,” says Errik Anderson, Chief Operating Officer at Adimab. “The continued support of our previous investor base is also testament to the strength of this proposition.”

“OrbiMed has been impressed by Adimab’s ability to consistently execute ahead of schedule as exemplified by their successful development of a best-in-class antibody discovery platform less than three years from inception,” said Carl Gordon, Ph.D., CFA, General Partner and Co-Head of Private Equity at OrbiMed Advisors. “The company’s recent partnerships with Merck and Roche are just another validation of this platform.”

“I believe that the recipe for success is based on a simple formula: outstanding management teams with outstanding technologies going after important opportunities. Adimab has all three key components and, as a direct result, has been able to raise capital at another valuation uptick,” said Terry McGuire, Managing General Partner at Polaris Ventures. “Adimab is one of the stars in our portfolio and we are thrilled to be an investor.”

“As life science investors we rarely see companies whose base technology even meets our original expectations. In short time, Adimab has already far exceeded our initial technical goals and is rapidly changing the technological landscape of antibody discovery,” said Mike Ross, Ph.D., Managing General Partner at SV Life Sciences.

About Google Ventures Google Ventures seeks to discover and grow great companies - we believe in the power of entrepreneurs to do amazing things. We’re studying a broad range of industries, including consumer Internet, software, hardware, clean-tech, bio-tech and health care. We invest anywhere from seed to late stage, and embrace the challenge of helping young companies grow from the garage to global relevance. Our team includes entrepreneurs, investors and innovators, along with some 20,000+ exceptional Googlers whose breadth of knowledge, experience and creativity constitute perhaps our most valuable resource. For more information, visit www.google.com/ventures.

About Borealis Ventures Borealis Ventures is an early-stage venture capital firm that partners hands-on with founders to build compelling companies from the earliest stages. We are based in New Hampshire, but our portfolio companies here and beyond have global impact as they commercialize technologies that advance human health, redefine application software, and deliver pioneering Internet and mobile services to new audiences.

About OrbiMed Advisors OrbiMed is the world’s largest life sciences and healthcare-dedicated investment firm, with approximately $5 billion in assets under management. Since inception of its private equity investment activities in 1993, OrbiMed has successfully invested in close to 100 companies across a wide range of therapeutic categories and stages of development. OrbiMed’s investment team includes approximately 30 experienced professionals with backgrounds in science, medicine, industry, finance and law. OrbiMed’s professionals work together using a collaborative, team-oriented approach to support our portfolio companies, which has earned OrbiMed a reputation as a capital provider of choice for life sciences companies of all stages.

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.