IFM Therapeutics, a Boston based biopharmaceutical company, announced it has closed on $55.5 million in financing.
The financing was led by Omega Funds, which participation from Atlas Ventures and Abingworth. Paulina Hill from Omega Funds will be joining IFM’s board of directors, which already includes Atlas Venture’s Jean-Francois Formela and Abingworths Shelley Chu.
With the new funding, IFM’s new incubator, Discovery, will be working on a range of targets within the innate immune system, starting with early preclinical development housed in the IFM Quattro subsidiary. IFM will be focusing on development of next-generation small molecule immunotheratpies for inflammatory diseases and cancers.
“The closing of IFM’s new financing round and the establishment of IFM Quattro and IFM Discovery reflect our steadfast belief in the innate immune system as a prolific therapeutic target that offers numerous attractive drug discovery opportunities across therapeutic areas,” said IFM’s Co-Founder and Executive Chairman Dr. Gary D. Glick, in a statement. “We are grateful for the support of both new and existing investors, which will enable our team to continue rapidly discovering small molecule therapies, while executing on our corporate strategy of housing each distinct program in a dedicated subsidiary.”
IFM further announced that its EVP of Research and Development, H. Martin Seidel, Ph.D, has been promoted to CEO and has joined its board of directors.