Immix Biopharma - $9m private placement to support operations

Immix Biopharma has released a financing and business update, reinforcing its focus on advancing the development of lead CAR-T candidate NXC-201. The company has announced a private placement from Goose Capital amounting to $9.1m (gross proceeds). It was noted that this strategic investment was led by Dr Nancy T Chang, one of the founders of Goose Capital. Dr Chang is a highly respected biotech executive, having led the development of Xolair (omalizumab, for severe asthma), Trogarzo (ibalizumab-uiyk, for HIV) and Ebglyss (lebrikizumab-lbkz, for dermatitis) through to FDA approval and subsequent commercialisation, collectively generating over $5bn in sales to date. She is also the former CEO of Tanox, which was acquired by Genentech/Roche in 2007. We therefore view the investment as an encouraging recognition of the potential of NXC-201, in particular for the treatment of amyloid light chain amyloidosis (ALA), the lead indication being targeted. The proceeds should extend Immix's cash runway beyond near-term operational needs.

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