Zymeworks is a Vancouver-based biotechnology company undergoing a strategic reset. The company sold shares at a discount to raise cash. The raise generated $100 million in proceeds. Kenneth Galbraith is the incoming CEO and secured the financing as part of efforts to right the company. The articles do not detail products, pipeline specifics, or operating metrics. Zymeworks is a privately held biotherapeutics company developing Azymetric™ bispecific antibodies and antibody‑drug conjugates for cancer, autoimmune and inflammatory diseases. Its platforms include Azymetric™, AlbuCORE™ and EFECT™, supported by proprietary ZymeCAD™ structure‑guided protein engineering technology to create highly potent bispecific and multivalent protein therapeutics. The company advances its preclinical biotherapeutics pipeline through in‑house research and development and strategic collaborations. Zymeworks plans to move lead candidates ZW25 and ZW33 into clinical development later this year. To support that clinical advancement it closed a US$61.5 million Series A mezzanine financing. The financing also added board representation from BDC Capital and an observer from Lumira Capital to support the company’s growth and pipeline progression. Zymeworks is a roughly 50-person Vancouver, BC biotech developing engineered bispecific antibodies using a flexible scaffold designed to address geometric binding challenges and improve manufacturability. The platform is intended to produce stable, non-aggregating bispecifics with fewer purification steps and scalability for commercial production. Its lead internally developed candidate targets HER2-positive breast cancer and has shown improved survival versus Herceptin and Herceptin combinations in mice; a second anti-HER2 candidate is conjugated to a toxin for treatment-resistant disease. At the time of the article none of Zymeworks’ internal candidates had entered clinical trials, though the company expected both breast-cancer candidates to enter trials in 2016. Financially, the company has attracted industry partnerships and equity investments — including a $27 million equity investment from Eli Lilly and a $10 million equity investment from Celgene alongside undisclosed R&D payments and potential milestone and royalty arrangements. CEO Ali Tehrani, who guided the company through a near-bankrupt period (the firm once had $300 in the bank in 2009), has used these collaborations to raise the company’s profile against larger antibody developers. Zymeworks is a privately held biotherapeutics company focused on developing best-in-class bi-specific antibodies and antibody-drug conjugates for cancer and other diseases. The company develops Azymetric™ and AlbuCORE™ platforms and uses its proprietary ZymeCAD™ structure-guided protein engineering technology to create highly potent bi-specific and multivalent therapeutics. Zymeworks is advancing a preclinical pipeline with anticipated IND filings beginning in 2016. One lead candidate, ZW25, is an anti-HER2 bi-specific antibody targeting breast and gastric cancers and may benefit patients with low-HER2 expressing tumors. Zymeworks leverages a network of global collaborative partners and has a multi-million dollar strategic collaboration with the National Research Council of Canada to access expertise, facilities, and know-how. The company has significant research activities and a strong presence in Québec. Zymeworks is a privately held biotherapeutics company developing Azymetric bi-specific antibodies and antibody drug conjugates targeting oncology, autoimmunity, and inflammatory diseases. The company leverages its Azymetric and AlbuCORE platforms and its ZymeCAD structure-guided protein engineering technology to design highly potent bi-specific and multivalent protein therapeutics. Zymeworks is advancing a preclinical biotherapeutics pipeline through in-house R&D and strategic collaborations. Proceeds from a recently closed, over-subscribed private placement (approximately $17.3M) will be used to advance pipeline candidates toward clinical trials. The lead oncology therapeutic, ZW25, is planned for an IND filing and phase 1 clinical trials in 2016. Management cites strong shareholder support and strategic collaborations as enabling the company’s progression into clinical studies.

Total raised

$227M

Funding rounds

9

Latest round

Equity

Latest activity

Jan 2022