Biotech Firm Adaptimmune Attracts $104 Million Investment

New Enterprise Associates, a venture capital firm that has backed the likes of Groupon and Salesforce, is now investing in a biotechnology company developing a treatment for cancer.

The venture firm, which has a significant health care business, has led a $104 million financing round in Adaptimmune Limited, the company announced on Wednesday evening. The round, at the Series A stage, is believed to be among the largest for a biotechnology company at this early point of its development.

Adaptimmune, which was founded in 2008 and spun off from theUniversity of Oxford, focuses on using T-cells, a type of white blood cell, to treat several types of cancer. The company says it has developed a way to enhance receptors on the cells, making them better able to recognize cancers.

The firm’s strategy, when compared with methods used by other biotechnology firms, gives the T-cells a wider range of targets to identify a cancerous cell, according to James Noble, the chief executive of Adaptimmune. The company, based in Philadelphia, is currently running trials for cancers including multiple myeloma, melanoma, sarcoma and ovarian cancer.


Read the release here.