Checkmate Pharmaceuticals Secures $85 Million in Series C Financing to Support Oncology Pipeline

Jun 11, 2020 | Investor Watch, News

Checkmate Pharmaceuticals Secures $85 Million in Series C Financing to Support Oncology Pipeline

Checkmate Pharmaceuticals announced that it has completed an $85 million Series C financing. The funding will be used to support further clinical development of the company’s lead candidate, CMP-001 

in melanoma and other oncology indications. The Series C financing was led by Longitude Capital and Novo Holdings. They were joined by other new investors including Medixci, Omega Funds, Clough Capital Partners, Sectoral Asset Management and BrightEdge, the venture investment fund of the American Cancer Society. Checkmate’s existing investors Sofinnova Investments, venBio Partners, F-Prime Capital, and Decheng Capital also participated in the financing.

CMP-001 is a differentiated Toll-like receptor 9 (TLR9) agonist delivered as a biologic virus-like particle utilizing a CpG-A oligonucleotide as a key component. CMP-001 has been studied in more than 200 patients with melanoma in clinical trials. In these trials, CMP-001 in combination with anti-PD-1 antibodies improved the rate, duration, and depth of response when compared with independent data reported from third-party studies with single agent anti-PD-1 therapy. The additional funding will enable Checkmate to conduct advanced studies in anti-PD-1 refractory melanoma as well as to pursue studies in additional indications, such as front-line melanoma and head and neck squamous cell carcinoma, in which the company believes the approach may prove to be of clinical benefit.

“We are excited about the clinical data that we have generated to date, and we believe that CMP-001 has the potential to significantly advance the impact of cancer immunotherapy for the benefit of patients with melanoma and other types of cancer,” said Barry Labinger, CEO of Checkmate. “We greatly appreciate the continued strong support from our existing investors, and we are proud to welcome additional world-class investors to help us fully achieve the promise of the program.”

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