HiberCell, a biotechnology company developing therapeutics for the prevention of cancer relapse and metastasis, closed on a $30 million debt facility with Hercules Capital. In addition, HiberCell completed a Series B financing round for gross proceeds of $67.4 million.
The Series B round included new investors Huizenga Capital Management, Monashee Investment Management, funds managed by Tekla Capital Management, Hercules Capital, Mount Sinai Innovation Partners and other undisclosed investors. Returning investors, including ARCH Venture Partners, Magnetic Ventures, Bristol Myers Squibb, Trinitas Capital and others from the Series A syndicate also participated in the round.
HiberCell will use the proceeds of the Series B financing and debt facility to support the clinical development of novel therapeutics targeting stress biology and innate immunity to address the role these play in the prevention of cancer recurrence and metastasis.
“We are excited to have the support of these sophisticated investors who understand that delaying or preventing cancer relapse and metastasis requires that we rethink cancer and understand the mechanistic drivers of cancer progression,” Alan Rigby, Ph.D., co-founder and CEO of HiberCell, said. “Their backing is a testament to the potential of our unique development strategy that includes therapeutic reprogramming of the tumor immune microenvironment and modulation of innate adaptive stress responses that endow cancer cells with survival advantages. We are enthusiastic about our progress and look forward to advancing our clinical pipeline, driving Imprime PGG into two new Phase 2 trials while generating first in human safety, tolerability and pharmacokinetic data in a Phase 1a trial with our PERK inhibitor HC-5404.”
“HiberCell has taken a pioneering approach to an evolving cancer paradigm through demonstratable expertise in defining and harnessing adaptive stress biology as well as innate immune activation with a focus on tackling cancer relapse, metastatic disease and tumor dormancy,” Rene Mora, M.D., Ph.D., portfolio manager of Monashee Investment Management, said. “Addressing these mechanisms represents an unmet and promising area of anticancer drug development. We look forward to working with the company as it continues to move its differentiated pipeline forward with a focus on fighting the most common cause of cancer mortality: relapse and metastasis.”