Imago Biosciences announced the close of an $80 million Series C financing round. Farallon Capital Management, LLC led the round, with participation from new investors including funds and accounts advised by T. Rowe Price Associates, Inc., funds and accounts managed by Blackrock Advisors, LLC., Surveyor Capital (a Citadel company), Irving Investors and Kingdon Capital Management. Existing investors also participating in the financing include a fund managed by Blackstone Life Sciences, Frazier Healthcare Partners, Omega Funds, Amgen Ventures, MRL Ventures Fund, HighLight Capital, Pharmaron Investments Ltd., Greenspring Associates and Xeraya Capital.
Imago will use the proceeds to complete a Phase 3 study of bomedemstat for the treatment of myeloproliferative neoplasms. Bomedemstat (IMG-7289) is an orally available small molecule that inhibits lysine-specific demethylase 1 (LSD1), an enzyme shown to be vital in self-renewal of cancer stem cells and hematopoiesis. Bomedemstat is being investigated in a Phase 2b clinical trial for the treatment of myelofibrosis, a phase 2 trial for essential thrombocythemia or polycythemia vera and a Phase 2b clinical trial for the treatment of essential thrombocythemia. The FDA has granted Fast Track Designation and Orphan Drug Designation to bomedemstat in both indications and the EMA has given bomedemstat PRIME designation for the treatment of myelofibrosis.
“The support of this group of elite health care investors enables us to pursue our bold vision of developing transformative medicines to treat people living with devastating cancer of the bone marrow with our first efforts focused on bone marrow neoplasms including the myeloproliferative diseases,” said Hugh Young Rienhoff, Jr. M.D., CEO at Imago BioSciences. “This financing allows us to take bomedemstat through the next set of late stage clinical trials in multiple indications.”