IFM Therapeutics

Last updated
IFM Therapeutics, LLC
FormerlyIFM (2016–2018)
Type Private
IndustryPharmaceutical
Founded2015;8 years ago (2015) in Cambridge, Massachusetts
Key people
  • Gary Glick (CEO)
  • Jean-Francoise Formela (Chairman)
Subsidiaries IFM Due
Website ifmthera.com

IFM Therapeutics is a pharmaceutical company focused on developing biological treatments for autoimmune diseases.

IFM Therapeutics launched in 2015 in Cambridge, Massachusetts, based on seed funding from the Boston-based venture capital fund Atlas Venture. [1] The company's founding involved seven people, a mix of executives and university professors. [1] Series A financing was provided by Atlas, London-based Abingworth, and Swiss pharmaceutical company Novartis. [1]

The company was originally formed with a dual development path, focusing on both autoimmune diseases and cancer immunotherapy. However, in 2017, the entire development program devoted to enhancing the body's innate immune response to cancer was purchased by Bristol-Myers Squibb, which set up a new company from this purchase and recruited IFM's CEO, Gary Glick, to head the new company. [2] This purchase was notable in both its speed following IFM's establishment, and the payment—ten-times the Series A funding injection. [2]

The following year, in 2018, Boston-based IFM Tre formed with the spin-out of research and assets specifically related to blocking the NLRP3 complex, [3] [4] a so-called inflammasome. [5] This spin-out, described as a subsidiary, [5] subsequently secured funding from a familiar set of sources: Atlas, Abingworth, and Bristol-Myers Squibb. [3] The rest of the company remained as a limited-liability company, from which it was anticipated further research spin-outs might take place. [3] IFM Tre's leadership included Gary Glick and H. Martin Seidel, formerly of Novartis. [3]

An alternative view on the 2018, purchase by Bristol-Myers Squibb has characterized it as a straightforward acquisition of IFM, with remaining assets going to form IFM Therapeutics, [6] which spawned two subsidiaries, IFM Tre and IFM Due, the latter focused on development of cGAS/STING antagonists. [7] [8] IFM Tre was subsequently bought by Novartis in 2019. [7] [8]

Governance

Gary Glick was tapped to be the company's chief executive officer during its initial formation. [1] Glick founded a spin-out immunotherapy firm from the University of Michigan in 2006, Lycera, and served as the company's chief scientific officer until joining IFM. [1] Two other C-suite members at the outset were Dennis Dean, chief development officer, formerly of Vertex; and Shomir Gosh, chief scientific officer, formerly of Tempero Pharmaceuticals. [1] Gosh left IFM in 2018 for the post of chief scientific officer at the Harvard spin-out firm 28-7 Therapeutics. [9] In 2017, Martin Seidel joined IFM as the head of R&D, coming from an executive position at Novartis. [10] IFM's chairman was also an Atlas partner, Jean-François Formela, and an additional board member, Vincent Miles, came from Abingworth, the other major venture capital firm supporting IFM. [1]

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References

  1. 1 2 3 4 5 6 7 Fidler, Ben (22 June 2016). "Atlas, Novartis Put $27M Into IFM to Battle Cancer, Autoimmune Diseases". exome. Boston: Xconomy. Retrieved 6 July 2019.
  2. 1 2 Carroll, John (3 August 2017). "Bristol-Myers beefs up big cancer drug pipeline, buying IFM drugs in $2.3B-plus deal". Endpoints News. Lawrence, Kansas: Endpoints Company. Retrieved 6 July 2019.
  3. 1 2 3 4 Vinluan, Frank (19 July 2018). "Fresh Off Bristol Buyout, IFM Backers Raise $31M to Plot a Second Strike". exome. Boston: Xconomy. Retrieved 6 July 2019.
  4. ↑ Timmins, Peter (16 November 2018). "Industry update: the latest developments in the field of therapeutic delivery, July 2018". Therapeutic Delivery. 9 (11). IFM Therapeutics. doi: 10.4155/tde-2018-0055 – via Future Science.
  5. 1 2 Weintraub, Arlene (30 July 2018). "Freshly funded IFM Therapeutics defines emerging target for fighting inflammatory disease". FierceBiotech. Framingham, Massachusetts: Questex. Retrieved 6 July 2019.
  6. ↑ Rosenmayr-Templeton, Louise (10 November 2017). "An industry update: what's new in the field of therapeutic delivery?". Therapeutic Delivery. 8 (12). BMS to buy IFM for $2.3 billion. doi: 10.4155/tde-2017-0096 – via Future Science.
  7. 1 2 Staines, Richard (2 April 2019). "Novartis buys NASH biotech IFM Tre in potential $1.575 bn deal". Surrey, England: pharmaphorum. Retrieved 6 July 2019.
  8. 1 2 Al Idris, Amirah (1 April 2019). "Novartis ponies up $310M for IFM Therapeutics' inflammation-focused unit". FierceBiotech. Framingham, Massachusetts: Questex. Retrieved 6 July 2019.
  9. ↑ Vinluan, Frank (6 September 2018). "Harvard Spinout 28-7 Launches with $65M for MicroRNA Cancer Drugs". exome. Boston: Xconomy. Retrieved 6 July 2019.
  10. ↑ Vinluan, Frank (23 May 2017). "Novartis' Martin Seidel Joins IFM Therapeutics as V.P. of R&D". exome. Boston: Xconomy. Retrieved 6 July 2019. Martin Seidel is joining IFM Therapeutics to become the Boston biotech's executive vice president of research and development.
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