Imago BioSciences Secures $40 Million Series B Financing to Advance Innovative Therapies for Myeloid Diseases

VCBeat (WeChat ID: vcbeat) has learned that biotechnology company Imago BioSciences recently completed a $40 million Series B financing round to advance the research and clinical development of treatments for myelofibrosis and other myeloid neoplasms.

This round of financing was led by Omega Funds, with participation from existing investors Frazier Healthcare Partners, Amgen Ventures, and MRL Ventures Fund, as well as HighLight Capital, Pharmaron, and Greenspring Associates. In addition, Dr. Dina Chaya of Omega Funds will join the board of directors of Imago BioSciences, while Dennis Henner will continue to serve as Chairman of the Board.

Imago BioSciences is a biotechnology company headquartered in San Francisco, California. Founded in 2012, the company has been dedicated to developing innovative therapies for the management of myeloproliferative disorders and the modulation of the immune system, including acute myeloid leukemia, myelodysplastic syndromes, polycythemia vera, myelofibrosis, and essential thrombocythemia.

As early as late 2018, Imago BioSciences had completed the Phase I study of IMG-7289, primarily enrolling patients with acute myeloid leukemia and high-risk myelodysplastic syndromes. The recently initiated project focuses on patients with myelofibrosis, exploring whether IMG-7289 is compatible with other diseases.

IMG-7289 is a small-molecule inhibitor of lysine-specific demethylase 1 (LSD1, also known as KDM1A) that modulates cytokine expression, which is critical for maintaining the self-renewal of cancer stem cells, particularly malignant myeloid cells. Currently in clinical trials, IMG-7289 has demonstrated potent in vivo antitumor efficacy across a range of models of myeloid malignancies and myeloproliferative neoplasms. In addition to its use as a monotherapy, IMG-7289 can be combined with other agents to inhibit the activity of solid tumors.

Hugh Young Rienhoff, CEO of Imago BioSciences, stated, “Although myeloproliferative neoplasms have a relatively low incidence, they are still cancers, and there are currently no non-invasive treatment options available in clinical practice. We hope that IMG-7289 will provide patients with better therapeutic choices.”

Omega Funds is a leading venture capital firm dedicated to founding and investing in life sciences companies. Since its inception in 2004, it has deployed over $1 billion in investment capital. Currently, Omega Funds’ portfolio companies have brought 33 products to market across multiple therapeutic areas, including oncology, rare diseases, and precision medicine.

Frazier Healthcare Partners is a venture capital firm headquartered in Washington, U.S., specializing in investments in the pharmaceutical and healthcare services sectors. The firm has invested in more than 170 companies and manages over $2 billion in assets.

Amgen Ventures is a venture capital firm based in California, USA. Established in 2004, it focuses on providing financial support to biotechnology companies at both early and late stages.

MRL Ventures Fund is a venture capital fund under Merck & Co., focused on investing in the early-stage biotherapeutics sector, with its headquarters located in Cambridge, Massachusetts.

Highlight Capital is a Chinese venture capital firm, known in Chinese as Honghui Capital. Established in 2014, the firm has been dedicated to investing in the healthcare sector.

Greenspring Associates, also known as Montagu Newhall Associates, is a venture capital firm headquartered in Maryland, United States. The firm is dedicated to investing in early-stage and growth-stage companies. It currently manages over $7.3 billion in assets.

(Compiled by Feng Yutong)