MEDITOPE BIOSCIENCES RAISES $3.6M IN SERIES A FINANCING
Funding to Accelerate Development of its Proprietary Monoclonal Antibody Linker Technology Platform
Pasadena, Calif., July 26, 2014 -- Meditope Biosciences, Inc., a biotechnology company developing antibody-based products, today announced it has raised $3.6 million in Series A funding from angel investors to advance its proprietary monoclonal antibody (mAb) linker technology platform.
"We are grateful to have had the opportunity to be funded by angel investors, who include pioneers in the biotechnology industry and are supportive of our efforts to quickly advance the development of this exciting new technology platform into the clinic," said Stephanie Hsieh, the company's president and chief executive officer. "We have assembled an accomplished board, along with a diverse set of business and scientific advisors. Our team now will build upon our strong technology foundation to seek out meaningful development partnerships and establish a leadership position for the next generation of antibody linker technology."
Meditope today also announced the expansion of its leadership team with the addition of Elisabeth Gardiner, Ph.D., as chief scientific officer. Dr. Gardiner is an experienced scientific executive who has led a number of drug discovery efforts, managing the design and execution of numerous external studies and collaborations. She previously served as director of physiology discovery at aTyr Pharma and associate director of high-throughput screening at the Genomics Institute of the Novartis Research Foundation.
"Dr. Gardiner is a great fit for our team," added Hsieh. "Her successful track record of leading projects from screening through preclinical in vivo proof of concept, coupled with her general experience in early stage biotechnology companies, will provide enormous value to our company."
"At a time when the biopharmaceutical industry is actively looking for next generation mAb products, our technology promises significant advantages over current antibody-drug conjugate linker technologies," said Dr. Gardiner. "The Meditope approach is site directed and highly efficient, significantly improving therapeutic efficacy, eliminating many of the manufacturing challenges seen with other antibody linker technologies, and providing unique flexibility for other complementary, high-value applications."
About Meditope Biosciences, Inc.
Meditope Biosciences is a biotechnology company developing best-in-class antibody-based cancer products. Discovered at City of Hope, a National Cancer Institute designated Comprehensive Cancer Center, Meditope's technology is capable of turning any mAb into a proprietary, site-specific "Lego-like" system that is able to attach and detach drugs to antibodies without the need for chemical conjugation. The result is a memAb (meditope-enabled mAb) product, which is anticipated to be significantly more effective and offer multiple manufacturing advantages compared to existing antibody-drug conjugate technologies. The technology has the potential to advance the antibody market by producing an array of new therapeutic and diagnostic products. More information regarding the company can be found by visiting www.meditope.com.