Inimmune, www.inimmune.com, a biotechnology company developing immune therapies and components for more effective vaccines, announced today that it raised $22 million in Series A funding.
It was the Missoula-based company’s first outside investment. The round was led by Two Bear Capital, www.twobearcapital.com, a new firm based in Whitefish, Montana. Two Bear Capital Founder and Managing Partner Michael Goguen will join Inimmune’s board of directors.
“We are excited to partner with Two Bear Capital for this Series A investment. We could have looked outside of Montana for investors but were happy to find a local VC firm that connected with our vision to grow a world-class biotech company right here in Montana,” said Dr. Jay Evans, President and CEO at Inimmune. The company plans to use the Series A investment to advance at least two late-stage pre-clinical drug candidates in oncology and allergy through Phase I human clinical trials.
Inimmune is nationally recognized for its innovative approach to treatments leveraging the immune system, especially its development of novel adjuvants, which are compounds added to therapies to improve or direct an immune response. Adjuvants are an important component in safe, effective vaccines. Inimmune has partnered with the University of Montana in the urgent race to develop a vaccine against COVID-19. Inimmune is also advancing immune-based therapies for a variety of other dangerous emerging pathogens, such as antibiotic resistant infections.
“Effectively harnessing the incredible power of the human immune system has the potential to prevent or cure the most devastating diseases faced by humanity – from Covid-19, to cancer, to neurodegenerative diseases and more – and theneed for solutions today is more urgent than ever,” said Two Bear Capital’s Michael Goguen. “The team at Inimmune combines world-class immunology and vaccine expertise, proven track records and a passion for solving some of the most important medical crises of our time. We are honored to be partners with them as they advance their promising therapies to the next level.”
Inimmune was started in 2016 by co-founders Drs. Kendal Ryter, Helene Bazin- Lee, David Burkhart and Jay Evans, along with a team of 11 experienced scientists from GlaxoSmithKline. In addition to the co-founders, Inimmune employs an experienced team of chemists, immunologists and formulation scientists with a track record of notable achievements in synthetic molecule development, immunology, and drug delivery. The company has raised more than $12 million in research grants and contracts since 2016, including a recent $2 million grant from the National Institutes of Health.