AbGenomics raises $11 million in current financing round

AbGenomics International announced today that it has raised $11 million in current financing round.  It brings total investment in AbGenomics to approximately $52 million since its inception in 2000.

AbGenomics will use the proceeds to continue advancing its therapeutic antibodies for autoimmune diseases and cancers. AbGenomics' lead drug candidate AbGn-168H, a humanized monoclonal antibody that induces death of pathogenic activated T cells for the treatment of autoimmune diseases, will enter Phase II clinical trials in 3Q, 2012. The company's second candidate, AbGn-7, is a therapeutic antibody currently in Phase 1 clinical trials for the treatment of stomach tumors. The company plans to advance third therapeutic candidate, AbGn-107, a novel antibody drug conjugate, into phase-I clinical trial for the treatment of pancreatic and stomach tumors next year.

"We are delighted to have the continuing support of our investors. This round of financing will provide AbGenomics additional capital to continue its clinical-stage programs through proof of concept for addressing major unmet needs in autoimmune diseases and GI cancers." said Dr. Rong-Hwa Lin, Founder and CEO of AbGenomics.

SOURCE AbGenomics International, Inc.