VerImmune, Inc., a U.S. biotech company developing new therapeutic modalities that aim to redirect the body’s pre-existing immunity toward cancer, has obtained $2.5 million in seed funding.
The round was led by SeedFolio, a seed series venture capital firm. The round also included participation from U.S. and global investment venture firms such as Ulu Ventures, and Proxima VC as well as leading private investment syndicate funds such as the NuFund Venture group (previously Tech Coast Angels- San Diego), Gaingels, Mana Ventures, and others.
VerImmune intends to use the financing to further accelerate its lead product development timelines as well as grow the company’s team.
“We are delighted to successfully complete this new seed financing round. Our ability to attract a high-quality diverse group of both US and international investors reflects the global enthusiasm for VerImmune’s technology, management and plans to develop this potentially transformative immuno-oncology treatment for all cancer patients,” said Joshua Wang, founding CEO.
“This closing comes at an exciting time for VerImmune as it marks the third wave of deals VerImmune has been able to achieve in the last 6 months following announcements on collaborations with well-established global pharmaceutical companies earlier this year.”
‘Strong data’
“We are delighted to have led the financing for VerImmune. They have stood out due to their highly differentiated platform and mechanistic approach to target tumors for destruction,” said Joe Gatto, managing director of SeedFolio and VerImmune’s lead investor.
“Despite their founding during the Covid-19 pandemic and recent market uncertainties, I have been very impressed by their resiliency and continued ability to produce strong supportive preclinical data.”
Another investor, Haolin Sung, partner at Proxima VC, who will be joining VerImmune’s board of directors, said: “We are extremely excited for VerImmune’s ViP (Virus-inspired Particle) platform technology. Cancer remains as a huge unmet medical need, and we see the potential pivotal role of benefiting cancer patients through the Anti-tumor Immune Redirection (AIR) approach. Importantly, we see the opportunity for the ViP to change treatment paradigms beyond oncology.”
VerImmune was founded in early 2020 and in early 2022, the company moved its research and development laboratories from Maryland to Johnson & Johnson Innovation – JLABS @ Washington, DC.