Theraclone Sciences secures funding

Antibody development company announces project funding.

A leading therapeutic antibody discovery and development company today (March 25th) announced that it has secured funding that will ensure its crucial development of cures for influenza.
Theraclone Sciences Inc secured a $14 million financing deal, of which just over half ($8 million) will be provided by existing investors ARCH Venture Partners, Canaan Partners, MPM Capital Healthcare Ventures, Alexandria Real Estate Equities, Amgen Ventures, Versant Ventures and Zenyaku Kogyo.
The remaining $6 million has been secured through a credit facility with MidCap Financial and Silicon Valley Bank.
Clifford Stocks, chief executive of Theraclone, confirmed that the extra funding will go towards financing Theraclone Sciences' ongoing discovery projects, which include the rapid screening and identification of potent human antibodies for use in medicine.
"Theraclone has made significant progress with our lead development programs in flu and CMV as well as the discovery collaboration with Pfizer demonstrating the strength of our R&D pipeline and technology platform," he added.