InduPro banks $77m series B as lead ADC enters the clinic
USA-based biotech InduPro has closed a $77 million series B financing and dosed the first patient in a Phase I study of IDP-001, its lead cancer candidate, giving the Seattle and Cambridge, Massachusetts firm the means to generate early clinical data on a bispecific antibody-drug conjugate (ADC) designed around the spatial arrangement of proteins on tumor cells.
The round was led by The Column Group, with existing backers Vida Ventures, MRL Ventures Fund, the therapeutics venture arm of US pharma major Merck & Co (NYSE: MRK), Emerson Collective, advised by Yosemite, and Euclidean Capital taking part. New investors include Solasta Ventures, French drugmaker Sanofi (Euronext: SAN) and US pharma major Eli Lilly (NYSE: LLY).
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