Ikena Oncology and Inmagene Biopharmaceuticals Announce Agreement for Merger and Private Placement
Summary
Inmagene Biopharmaceuticals is a clinical stage company focused on developing IMG-007, a non-depleting anti-OX40 monoclonal antibody with an extended half-life and a silenced ADCC functionThe transaction is expected to result in approximately $175 million to support further development of IMG-007, including $75 million from an oversubscribed Private Placement that will close immediately following the mergerThe Financing includes both new investors such as Deep Track Capital, Foresite Capital, RTW Investments, and existing Ikena investors such as BVF Partners L.P., Blue Owl Healthcare Opportunities, Omega Funds, and OrbiMedThe transaction is expected to close in mid-2025BOSTON and SAN DIEGO, Dec. 23, 2024 (GLOBE NEWSWIRE) -- Ikena Oncology, Inc. (Nasdaq: IKNA, Ikena,) and Inmagene Biopharmaceuticals (Inmagene) announced they have entered into a definitive merger agreement. In addition, IMG-007 has silenced antibody dependent cellular cytotoxicity (ADCC) function, and is non-T cell depleting, leading to a potentially improved tolerability profile relative to other mAbs in the class. IMG-007s Phase 2b clinical trial in atopic dermatitis is expected to begin in early 2025.We are pleased to work with the Ikena team and multiple worldclass healthcare investors on this reverse merger and PIPE transaction. This is an important step for us to gain powerful resources to maximize the opportunities for IMG-007, a highly differentiated drug candidate with best-in-class potential, commented Jonathan Wang, PhD, founder, Chairman and Chief Executive Officer of Inmagene. For more information, please visit www.inmagenebio.com.About Ikena OncologyIkena Oncology\xae develops differentiated therapies for patients in need that target nodes of cancer growth, spread, and therapeutic resistance.