Iambic, a clinical-stage life science and technology company that uses artificial intelligence to develop medicines has raised more than $100 million in an oversubscribed financing round.
The Nov. 10 announcement followed Iambic's presentation of clinical data that showed its drug IAM1363, "demonstrated anti-tumor activity and a favorable safety profile" for cancers caused by higher-than-normal levels of the HER2 protein. The results were presented in October at the European Society for Medical Oncology Congress in Berlin, Iambic said in a statement.
The HER2 protein speeds-up breast cancer cell growth, according to the American Cancer Society. The HER2 protein is found in other types of cancers, as well.
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About 15% to 20% of breast tumors are "HER2 positive," meaning they have higher-than-normal levels of HER2. Breast cancers that are HER2 positive grow and spread faster than HER2 negative cancers but are also more responsive to drugs that target the HER2 protein, according to the American Cancer Society.
“We are proud of the scientific and business progress Iambic has made across its pipeline, partnerships, and platform over this past year and view this fundraise as a testament to the exceptional work of the Iambic team," Tom Miller, Iambic's CEO and co-founder, said in the statement.
The cancer drug market hit $252 billion in 2024 and is forecasted to reach $441 billion in 2029 according to international research company Iqvia.
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San Diego-based Iambic also announced in the statement a research collaboration with pharmaceutical giant Jazz Pharmaceuticals (NASDAQ/JAZZ). The two companies will study the cancer-fighting effectiveness of combining Iambic's IAM1363 drug with zanidatamab, a drug developed by Zymeworks (NASDAQ/ZYME) but now licensed to and produced by Jazz under the brand name Ziihera. The Federal Drug Administration approved Ziihera, which targets HER2 proteins in biliary tract cancer, in November 2024.
Ireland-based Jazz and Iambic will evaluate their drug combination in breast cancer patients previously treated with another HER2-targeting drug, Enhertu, produced by Japanese drug developer Daiichi Sankyo and U.K.-based AstraZeneca (NASDAQ/AZN).
New and existing investors participated in the round, including Abingworth, Alexandria Venture Investments, Alumni Ventures, ARK, Ascenta, Catalio, Everbright Biofund, Freeflow Ventures, Illumina Ventures, Mubadala, Pegasus Tech Ventures, Qatar Investment Authority, Regeneron Ventures, Tao Capital Partners, Terra Magnum Capital Partners, Wilson Sonsini Goodrich & Rosati, and others.
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Founded in 2019, Iambic has raised a total of $327 million in funding, according to PitchBook.
Iambic said in the statement it is also developing drug therapies that target two other cancer enabling proteins, KIF18A and CDK2/4, and anticipates they could be ready for clinical trials soon.
Some of Iambic's main competitors in the AI-assisted drug development sector include Insilico Medicine in Boston, Cradle Bio in Amsterdam, and Isomorphic Labs and BenevolentAI in London.
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