Umoja obtains $100m for CAR-T cell therapy development

Umoja Biopharma has successfully concluded a substantial $100 million Series C funding round, surpassing initial expectations. This financial boost is set to accelerate the company's ambitious work in the field of in vivo chimeric antigen receptor (CAR)-T cell therapy. The significant investment round was spearheaded by Double Point Ventures and DCVC Bio, with additional contributions from both longstanding and new investors. Notable participants include ARK Invest, MPM Capital, Cormorant Asset Management, Qiming Venture Partners USA, and Alexandria Venture Investments.

The influx of funds will be channeled towards advancing Umoja's flagship CD22 UB-VV400 programme. This initiative is focused on conducting clinical trials in oncology and autoimmune diseases, aiming to harness the potential of CAR-T cell therapies. These therapies represent a novel approach to treating these conditions by utilizing patients' immune systems to fight disease more effectively.

Andrew Scharenberg, co-founder and CEO of Umoja Biopharma, expressed his satisfaction with the successful closing of the Series C financing. He acknowledged the strong backing from both new and existing investors who share the company's vision. Scharenberg emphasized Umoja's commitment to pioneering in vivo CAR-T cell therapies, which have the potential to enhance treatment efficacy, remove existing obstacles, and broaden the reach of CAR-T therapies to more patients.

Following the successful funding round, Dr. Campbell Murray, a senior advisor at Double Point Ventures, has joined Umoja’s board of directors. Additionally, Dr. Phil Low from Purdue University has been appointed as the chair of the company's scientific advisory board and will assume the role of board observer. Dr. Murray expressed his enthusiasm about co-leading this significant investment opportunity and joining the company's board. He highlighted Umoja's innovative work in in vivo CAR-T therapies as a groundbreaking development in the landscape of oncology and autoimmune treatment.

Umoja Biopharma is dedicated to the development of in vivo cell therapies. The company's proprietary VivoVec in vivo gene delivery technology is a key element of its strategy. This technology is designed to empower patients' immune systems to actively engage in the fight against disease, presenting a potentially transformative approach to treatment.

In a strategic move to further bolster its capabilities, Umoja Biopharma entered into a partnership with AbbVie in January 2024. This collaboration is centered on the development of new in-situ CAR-T cell therapy candidates, particularly targeting oncology indications. This partnership underscores Umoja's proactive approach to innovation and collaboration in the pursuit of advancing medical therapies that can significantly impact patient outcomes.