Imago BioSciences Raises $80 Million to Advance Therapies for Myeloproliferative Diseases

Rare Daily Staff

Imago BioSciences closed an $80 million series C financing round to advance development of its lead experimental candidate bomedemstat for the treatment of myeloproliferative neoplasms.

Farallon Capital Management led the financing round, with participation from new investors including funds and accounts advised by T. Rowe Price Associates, accounts managed by Blackrock Advisors, Surveyor Capital (a Citadel company), Irving Investors, and Kingdon Capital Management. Existing investors participating in the financing include a fund managed by Blackstone Life Sciences, Frazier Healthcare Partners, Omega Funds, Amgen Ventures, MRL Ventures Fund, HighLight Capital, Pharmaron Investments, Greenspring Associates, and Xeraya Capital.

Myeloproliferative neoplasms are rare blood disorders that occur when bone marrow makes too many red blood cells, white blood cells, or platelets. They are characterized by uncontrolled cell growth and include essential thrombocythemia (ET), too many platelets, primary myelofibrosis (MF), build up of fibrosis in bone marrow that prevents it from making normal blood cells, and polycythemia vera (PF), an excess of red blood cells that also includes elevated white blood cell and platelet counts.

Imago will use the proceeds from the financing to complete a phase 3 study of bomedemstat for the treatment of myeloproliferative neoplasms. Bomedemstat (IMG-7289) is an orally available small molecule that inhibits lysine-specific demethylase 1 (LSD1), an epigenetic enzyme shown to be vital in self-renewal of cancer stem cells and hematopoiesis.

Bomedemstat is also being investigated in a phase 2b clinical trial for the treatment of myelofibrosis, and a phase 2b clinical trial for the treatment of essential thrombocythemia. MF patients who are resistant to, intolerant of, or ineligible for a Janus Kinase (JAK) inhibitor are eligible for the study of bomedemstat as monotherapy. Interim data from the trial will be presented in an oral session at the upcoming American Society of Hematology Annual Congress on December 5, 2020.

The FDA has granted Fast Track and Orphan Drug designations to bomedemstat in both indications and the EMA has given bomedemstat PRIME designation for the treatment of myelofibrosis.

“The support of this group of elite health care investors enables us to pursue our bold vision of developing transformative medicines to treat people living with devastating cancer of the bone marrow with our first efforts focused on bone marrow neoplasms including the myeloproliferative diseases,” said Hugh Rienhoff, CEO at Imago BioSciences. “This financing allows us to take bomedemstat through the next set of late stage clinical trials in multiple indications.”

Photo: Hugh Rienhoff, CEO at Imago BioSciences