22 March 2019 - - US-based clinical-stage biotechnology company Imago BioSciences, Inc has secured USD 40m series B financing led by Omega Funds, a international investment firm that creates and invests in life sciences companies, the company said.

Other investors participating in the round include existing investors Frazier Healthcare Partners, Amgen Ventures, and MRL Ventures Fund as well as HighLight Capital, Pharmaron and Greenspring Associates.

Dr. Dina Chaya from Omega Funds will join the board of directors and Dennis Henner will remain chairman of the board, representing his fund.

Proceeds from the financing will be used to advance the research and clinical development program of therapeutics for myelofibrosis and other myeloid neoplasms.

In late 2018 Imago completed a Phase 1/2a study of IMG-7289 in patients with acute myeloid leukemia and high-risk myelodysplastic syndrome (NCT02842827).

Imago recently initiated a global Phase 2b study in patients with myelofibrosis (NCT03136185). Additional indications for IMG-7289 are planned.

IMG-7289 is a small molecule developed by Imago BioSciences that inhibits lysine-specific demethylase 1 (LSD1 or KDM1A), an enzyme regulating cytokine expression and shown to be vital in sustaining self-renewal in cancer stem/progenitor cells, particularly neoplastic bone marrow cells.

In non-clinical studies, IMG-7289 demonstrated robust in vivo anti-tumor efficacy across a range of myeloid malignancies and models of myeloproliferative neoplasms as a single agent and in combination with other therapeutic agents.

IMG-7289 also shows activity against solid tumors in combination with other agents in non-clinical models.

Imago BioSciences is a clinical-stage, venture-backed pharmaceutical company focused on improving the management of proliferative diseases of the bone marrow and modulation of the immune system.

The company is currently focused on neoplastic diseases of the bone marrow including acute myeloid leukemia, myelodysplastic syndrome, polycythemia vera, myelofibrosis and essential thrombocythemia. The company is based in California.

Founded in 2004, Omega Funds is a international investment firm that creates and invests in life sciences companies that address our world's most urgent medical needs.

Having raised more than USD 1bn since its inception, Omega specializes in identifying and powering companies through value inflection points across the full arc of innovation, from company formation through clinical milestones and commercial adoption.

Omega Funds' portfolio companies have brought 33 products to market in multiple therapeutic areas, including oncology, rare diseases, precision medicine and others.