This fifth investment is our second in the melanoma space
BrightEdge, the American Cancer Society’s donor-funded philanthropic impact fund, today announced its participation in the Series C funding round of Checkmate Pharmaceuticals, a clinical stage biopharmaceutical company focused on activation of innate immunity to treat cancer.
The investment is BrightEdge’s fifth since it was formed in late 2018 to invest in companies developing promising cancer-related therapeutics, diagnostics, devices, and technologies.
Checkmate Pharmaceuticals’ lead product candidate, CMP-001, is an investigational cancer immunotherapeutic that has been shown to reverse resistance to anti-PD-1 therapy in some melanoma patients.
Checkmate raised $90 million in the Series C funding round led by Longitude Capital. The money raised will be used to fund clinical trials and company operations. BrightEdge is investing alongside Longitude Capital, Novo Holdings, Omega Funds, Medicxi, Sofinnova Investments, venBio, F-Prime Capital, Decheng Capital, Clough Capital Partners, and Sectoral Asset Management.
Checkmate is a privately held company headquartered in Cambridge, MA.
This is BrightEdge’s second investment in a company focused on melanoma. In 2019, BrightEdge invested in Houston-based Castle Biosciences (NAS: CSTL), which discovered and developed a prognostic gene expression profile test that utilizes tumor biology to provide an individual risk of recurrence or metastasis for patients with melanoma.
BrightEdge invests in for-profit companies developing novel cancer-focused treatments. Its goal is to accelerate commercialization of innovative oncology treatments through capital investment, market awareness, and a shared commitment to eradicate cancer. For more information, visit brightedgefund.org.
*Shared from MySocietySource.
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