ImaginAb adds to coffers

Imaging agent developer ImaginAb has wrapped up a $12.5 million series A financing round.

The oversubscribed funding, led by Novartis Venture Funds, included Merieux Developpement, Nextech Invest, Cycad Group, and existing seed investor Momentum Biosciences. Both Novartis and Merieux will appoint directors as representatives of the Series A investors, ImaginAb said.

The financing augments financial resources from the company's pharma companion diagnostic program and strategic funding from the U.S. National Cancer Institute. This will allow the company to accelerate clinical development of its cancer and immunology imaging programs, according to CEO Christian Behrenbruch, PhD.

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