New York, July 5 - Ambrx, Inc. said it obtained commitments for $52 million of series C financing from new and existing investors.
Apposite is the lead investor with participation from Glynn Ventures, the Dow Employees' Pension Plan and Union Carbide Employees' Pension Plan, as well as Ambrx's current investors, including Tavistock Life Sciences, Maverick Capital, 5AM Ventures, Versant Ventures, Aravis Ventures, CMEA Ventures and Roche Venture Fund.
Proceeds will be used to further expand Ambrx's novel protein modification platform, to support the development of its product pipeline and for general working capital purposes.
"We've taken a novel technology that is broadly applicable to existing protein drugs and used it to advance our lead product candidates from the laboratory toward the clinic in less than three years," said Martin Mattingly, president and chief executive officer, in a news release.
"The financing will enable us to continue on the fast track with drug development and support our transition into a clinical-stage company later this year."
Allan Marchington, general partner with Apposite, joined Ambrx's board of directors.
Ambrx is a San Diego-based biopharmaceutical company focused on optimizing existing protein drugs.
| Issuer: | Ambrx, Inc.
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| Issue: | Series C financing
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| Amount: | $52 million
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| Investors: | Apposite (lead), Glynn Ventures, the Dow Employees' Pension Plan, Union Carbide Employees' Pension Plan, Tavistock Life Sciences, Maverick Capital, 5AM Ventures, Versant Ventures, Aravis Ventures, CMEA Ventures and Roche Venture Fund
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| Announcement date: | July 5
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