Transgene has raised another €14.4M from European and US investors. The money will support the development of its pipeline.
Transgene, a biotech that develops viral-based immunotherapies, has announced that it has gained €14.4M through an oversubscribed private placement of new shares. This news comes after a number of positive results, including Transgene’s Hepatitis B vaccine succeeding at Phase I and the dosing of the first glioblastoma patient with its oncolytic virus treatment. Despite this, the company continues to struggle, with its market cap dropping by around €8M since the end of October, now worth €174M.
The funds raised will support the preclinical and clinical development of Transgene’s immunotherapies in combination with checkpoint inhibitors. The company has combined its therapeutic vaccine, TG4010, with Bristol-Myers Squibb’s nivolumab, and its Pexa-Vec oncolytic virus with nivolumab and ipilimumab. Transgene will come up against Vaximm, Merck and Pfizer’s vaccine-checkpoint inhibitor combination and BerGenBio’s combination of its AXL kinase inhibitor with Keytruda.
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