BioNTech aims to advance pipeline to the clinic with $325m investment
The clinical-stage biotechnology company, focused on patient-specific immunotherapies, received $325m (€289.8m) in a Series B financing round. According to the company, this is one of the largest single private funding rounds for a European biotech.
According to Sean Marrett, CCO of BioNTech, funds from this financing round will be put toward the advancement of the company’s therapeutics pipeline and increasing its manufacturing infrastructure. He explained, "We have numerous programs in our pipeline and 7 different candidates already in 8 clinical trials. We anticipate additional programs to enter the clinic in the next 12 months."
BioNTech’s pipeline includes individualized mRNA-based product candidates, chimeric antigen receptor (CAR)-T therapies, checkpoint immunomodulators, targeted cancer antibodies and small molecule drugs.
This funding follows a previous Series A financing in which the company received $270m in a round led by Redmile Group. This past financing enabled BioNTech to advance its seven product candidates in eight ongoing clinical trials, as well as establish a second good manufacturing practice (GMP) manufacturing license for production of its individualized neoantigen specific immunotherapies.
The company recently expanded its antibody platform, built with Genmab and MAB Discovery, after acquiring a Phase I/IIa program for the treatment of pancreatic cancer from MabVax Therapeutics.
Through the acquisition of MabVax’s antibody program, BioNTech established a US-based R&D facility in San Diego, California.