A biotech company working to commercialize products relating to regenerative medicine, oral delivery and therapeutics has closed on a $32.5 million investment round to help advance that work.

Imagine Pharma, based in Uptown, announced that the proceeds from its Series A funding round—one of the largest for a local startup this year—will be used to pursue commercial opportunities for its IMG-1 polypeptide product, which the company said has led to "significant scientific achievements" for the treatments of various underserved disease states.

It brings the company's total funding amount to $40 million to date.

"Our scientific exploration and program development journeys are guided by science and the opportunities that it presents for us," Dr. Ngoc Thai, founder, co-CEO and chief medical officer of Imagine Pharma said in a prepared statement. "This approach has led to a unique oral delivery system for biologics, a novel nutritional supplement with the potential to address numerous health and wellness issues, and the ability to regenerate and propagate different progenitor body cell-types, which could hold the key to developing cures for a myriad of disease states."

IP Investors LLC led the round. John T. Callaghan, a member of IP Investors, joined Imagine Pharma's board of directors following the investment.

The close of Imagine Pharma's Series A comes days after the announced close of a $30 million Series B funding round for Abridge AI Inc., makers of an artificial intelligence-powered transcription and note taking product for medical professionals, as well as the close of a $19 million Series A-2 financing round raised by LyGenesis Inc., a biotech firm based in Squirrel Hill.

Author: Nate Doughty

Publication: Pittsburgh Business Times

Link: Pittsburgh Inno - Imagine Pharma raises over $32 million to further novel medical product development (bizjournals.com)