Sign in Subscribe
Pharmaceutical industry

Ambrx Secures $52 Million in Series C Financing

Strategic Insights

— 1 min read

Ambrx, Inc., a biopharmaceutical company focused on optimizing existing protein drugs, has announced it has secured commitments for $52 million in Series C financing from a broad, international syndicate of new and existing investors. The financing will be used to further expand Ambrx's novel protein modification platform, support the development of its product pipeline, and for general working capital purposes. This significant investment underscores the potential of Ambrx's technology and its ability to accelerate the development of protein-based therapeutics.

Key Takeaways:

  • Ambrx has secured commitments for $52 million in Series C financing from a broad, international syndicate of new and existing investors.
  • The financing was led by Apposite and included participation from Glynn Ventures, the Dow Employees' Pension Plan, Union Carbide Employees' Pension Plan, and Ambrx's current investors, including Tavistock Life Sciences, Maverick Capital, 5AM Ventures, Versant Ventures, Aravis Ventures, CMEA Ventures, and Roche Venture Fund.
  • The net proceeds will be used to further expand Ambrx's novel protein modification platform, support the development of its product pipeline, and for general working capital purposes.
  • In conjunction with the closing, Allan Marchington, PhD, general partner with Apposite, has joined Ambrx's board of directors.
  • Ambrx's president and chief executive officer, Martin Mattingly, PharmD, stated that the financing will enable the company to continue on the fast track with drug development and support its transition into a clinical-stage company later this year.
  • Ambrx's management team has advanced its lead product candidates from the laboratory toward the clinic in less than 3 years.

Statistics:

  • $52 million: the amount of Series C financing secured by Ambrx from new and existing investors.
  • Total number of investors: over 10, including existing investors and new investment firms.
  • 3 years: the time it took Ambrx's management team to advance its lead product candidates from the laboratory toward the clinic.
  • Number of product pipeline candidates: not explicitly stated, but implied to be multiple.

Sources:

  • Ambrx, Inc., press release.
  • Health & Medicine Week, May 2006.
  • NewsRx.com, 2006.

Read more