Biotherapeutics is an industry that has grown at an impressive pace throughout the past few years, and one of the better-known companies in that space is privately held Tmunity Therapeutics. In a new development that must have come as a big boost to the company and the wider industry, Tmunity has managed to raise as much as $75 million in its Series B funding. While a range of investors participated in this funding round, it was led by highly influential venture capital firm Andreessen Horowitz, which is well known for backing some of the best-known startups.
In addition to Andreessen Horowitz, the venture capital’s separate fund known as the Cultural Leadership Fund participated as well. The other participants were American Cancer Society’s philanthropic fund, Be The Match BioTherapies, Gilead Sciences, Westlake Village BioPartners, and The University of Pennsylvania. Since Tmunity started, it has managed to raise a total of $231 million, and this current round of funding is another proof of the promise that it holds as a biotherapeutics company.
President and CEO of Tmunity, Usman “Oz” Azam, spoke about the latest round of financing. He said, thanked the investors, and also indicated that they shared the same values as that of the company with regards to commitment to patients. He added,
We see ourselves leading the innovation of the future of oncology treatment by uniting our foundational competences in cell therapy with expertise in building new constructs, translating them and getting them into the clinic.
It is believed that the company is going to use the fresh capital for research, clinical development of different products, advancements of T Cell therapies, strengthening of the proprietary technology under its control, working capital and other purposes.