Second Tranche of Private Placement Announced
REGiMMUNE announced the closing of the second tranche of a Preferred A financing. The company closed $0.5 million U.S. in the second tranche of previously announced financing (1/30/2012). In this tranche, Chibagin Capital (www.chibagincapital.co.jp) joined as an investor. Chibagin Capital is a VC arm of Chiba bank, which is the second largest regional bank in Japan. Proceeds from this funding will be used primarily to support the company’s first clinical stage product development as well as to fund investigation on new indications. The company is continuing to seek investors for a third tranche later this year.
REGiMMUNE is a biotechnology company focused on the discovery, development and commercialization of immune regulatory therapeutics to treat life-threatening and debilitating conditions, including allergies, autoimmune diseases and transplantation. The company’s proprietary platform technology, reVax, induces immune tolerance in an antigen-specific manner through pharmacological induction of regulatory T (Treg) cells. Using its reVax technology, REGiMMUNE is developing RGI-2001, which may be the first drug in the class of Treg-inducing agents.
The company is also applying its reVax technology to develop a range of pipeline products, including its RGI-1000 series for allergy and its RGI-3100 series for type 1 diabetes. Additionally REGiMMUNE is developing its RGI-4000 series for vaccine adjuvants. The company is seeking pharmaceutical partnership opportunities for its products worldwide, exclusive of Japan. REGiMMUNE is headquartered in Tokyo, Japan and has a U.S. operation in Santa Clara, California.