The spinout has revealed it added approximately $6m to a series A round backed by University of Pennsylvania and IP Group last year, bringing its total size to about $59m.

Carisma Therapeutics, a US-based immunotherapy spinout of University of Pennsylvania, has increased a series A round backed by commercialisation firm IP Group to approximately $59m, Technically Philly reported on Thursday. The company secured approximately $6m in an extension towards the end of 2018, according to chief executive Steven Kelly. He did not reveal the identity of investors or specify when exactly the extension was secured. Carisma had achieved a first $53m close for the round in June 2018 backed by IP Group and Penn Medicine, the health system owned by University of Pennsylvania. The initial close was co-led by pharmaceutical firm AbbVie’s corporate venturing unit, AbbVie Ventures, and VC firm HealthCap. Pharmaceutical firm Merck & Co’s MRL Ventures Fund also participated, as did Grazia Equity, Wellington Partners, TPG Biotech and Agent Capital. Founded in 2016 as Carma Therapeutics, Carisma is developing immunotherapies that rely on a type of white blood cell called macrophages to detect and destroy cancer cells. Once a cancer cell is killed, the macrophages pass on the ability to recognise tumours to another part of the immune system known as T cells. The series A funding is driving research and development activities, and Carisma is also looking to hire another 10 employees. The company had previously received an undisclosed sum in a 2017 round also co-led by AbbVie Ventures and HealthCap, with contributions from IP Group and Grazia Equity. Penn Medicine is also an existing backer but has not revealed when it invested. – A version of this article first appeared on our sister site, Global Corporate Venturing.

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Thierry Heles

Thierry Heles is the editor of Global University Venturing, host of the Beyond the Breakthrough interview podcast and responsible for the monthly GUV Gazette (sign up here for free).