Imagine Pharma Secures $32.5M Series A for Continued Development of Its Novel IMG-1 Polypeptide and Associated Programs
Funding to advance key research and commercialization initiatives across company's three core platforms: Oral Delivery, Therapeutics, and Regenerative Medicine
PITTSBURGH, Oct. 31, 2023 /PRNewswire/ -- Imagine Pharma, a biotech company focused on furthering the commercialization opportunities related to its novel IMG-1 polypeptide, today announced that it has raised a $32.5 million Series A round, with an initial traunch of $10 million, bringing its total funding to date to $40 million. The round was led by IP Investors LLC, a group of seasoned investors that focuses on biotech companies that have attainable solutions for unmet medical needs. John T. Callaghan, CPA CFE, representing the investor group, will join the board. The funding will be used to advance the company's priority programs in regenerative medicine, oral delivery, and therapeutics.
"I am thrilled by the exceptional interest during our raise and by the composition of our investor syndicate," said Santiago Pujadas, co-CEO of Imagine Pharma. "I am looking forward to working with our team to continue building on our progress to date."
Imagine Pharma discovered a novel polypeptide, IMG-1, that has led to significant scientific achievements that promise first-in-kind treatments across multiple underserved disease states.
Specific programs to be funded through this investment include:
Commercialization of a novel nutritional supplement
Completion of pre-clinical studies and IND submittal for oral erythropoietin and glucagon-like peptide-1 (GLP-1) receptor agonists
Advancement of AIPC research collaboration with LyGenesis
Further expansion of the company's islet isolation services business
Strategic partnership development across all platforms
"Our scientific exploration and program development journeys are guided by science and the opportunities that it presents for us. This approach has led to a unique oral delivery system for biologics, a novel nutritional supplement with the potential to address numerous health and wellness issues, and the ability to regenerate and propagate different progenitor body cell-types, which could hold the key to developing cures for a myriad of disease states," said Dr. Ngoc Thai, Founder, co-CEO, and Chief Medical Officer.
"We are constantly vetting biotech investment opportunities and are very excited about the uniqueness of Imagine Pharma, the milestones it has accomplished to-date, and the potential it holds," said John Callaghan, member of IP Investors. "It is rare to find a biotech venture at this stage with such a broad array of partnership, licensing, and spinoff paths, as well as near-term revenue potential."
About Imagine Pharma
Imagine Pharma is a biotechnology company focused on the development of its IMG-1 polypeptide. Research and development efforts have led to the development of three distinctive platforms for Oral Delivery, Therapeutics, and Regenerative Medicine, each with first-in-class programs that address multiple disease states in large, underserved markets. Imagine Pharma is an approved Islet Isolation Center for the National Institute of Diabetes and Digestive and Kidney Diseases Integrated Islet Distribution Program. Imagine Pharma was founded in 2016. For more information visit: www.imaginepharma.com.
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SOURCE Imagine Pharma
