OncoResponse secures investment from Baxalta

2016-05-29 06:11:06

(MENAFN- ProactiveInvestors - N.America) Cancer immunotherapy specialist OncoResponse (NYSE:BXLT) has secured investment from biopharmaceutical giant Baxalta Inc, bringing the total Series A financing to US$12.5mln.

The funding will be used to support OncoResponse's on-going research into cancer immunotherapy to identify antibodies and potential targets for novel therapeutic development.

Other backers include ARCH Venture Partners, Canaan Partners and MD Anderson, with William Marsh Rice University and Alexandria Real estate Equities also participating

The group's technology rapidly screens antibodies made by the human immune system to identify those indicating cancer.

'This additional investment reinforces our continued commitment to the identification of rare cancer-fighting antibodies and novel targets that may lead to the development of improved cancer treatments,' said Clifford Stocks, CEO of OncoResponse.

'[OncoResponse's] innovative approach is in line with Baxalta's investment strategy to accelerate the development of cutting-edge biotechnologies that address unmet patient needs,' said Geeta Vemuri, managing venture partner at Baxalta.

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