ImmunoMet Therapeutics, a clinical stage biotechnology company targeting cellular metabolism to develop novel anti-tumor and anti-fibrotic therapies, today announced the successful closing of its $5 million Series B expansion financing round. The financing was led by existing investor INCON Co., Ltd. and joined by additional new investors. “I am pleased to announce this important financing as we focus our efforts to achieve key clinical milestones for our lead candidate, IM156, in treatment of solid tumors and fibrosis,” said Benjamin Cowen, PhD, MBA, ImmunoMet President and CEO.  “We are appreciative for the confidence and continued support of INCON, and our new investors in this Series B expansion round.” This financing will support ImmunoMet’s ongoing clinical program in oncology and IND-enabling studies for its second program in fibrosis which is expected to enter clinical trials in 2H2020. IM156, a novel potent oral biguanide, is a protein complex 1 (PC1) inhibitor that targets the OXPHOS pathway in mitochondria.  Preclinical experiments demonstrated that IM156 can be effective in gastric cancer, lung cancer and other solid tumors. In a recently completed Phase 1 study, IM156 was well-tolerated in solid tumors patients. IM156 also blocks metabolic reprogramming in fibroblasts and preclinical studies has been shown to be effective in lung, peritoneal, liver and kidney fibrosis models. About ImmunoMet Therapeutics ImmunoMet is a clinical stage biotech targeting cellular metabolism to develop novel anti-tumor and anti-fibrotic therapies. Our lead molecule, IM156, is a protein complex 1 (PC1) inhibitor which demonstrated impressive in-vivo efficacy in resistant solid tumors. IM156 is the first potent PC1 inhibitor to complete Phase 1 with a good safety profile. ImmunoMet has a second program in fibrosis and plans to enter the clinic with IM156 in 2H2020. The company was founded in 2015, is headquartered in the Houston JLABs near MD Anderson, and has raised $24M to date. For more information about the company, please visit www.immunomet.com.

Company Contact: Benjamin Cowen, PhD, MBA
President and CEO of ImmunoMet
bcowen@immunomet.com