ImmunGene Raises $9 Million in Series A Financing

              ImmunGene Raises $9 Million in Series A Financing

PR Newswire

THOUSAND OAKS, Calif., Nov. 7, 2013

THOUSAND OAKS, Calif., Nov. 7, 2013 /PRNewswire/ --ImmunGene, Inc., a
biotechnology company focused on developing antibody-cytokine fusion
technology therapies to treat cancer, today announced it has secured $9
million in a milestone-based Series A financing from Ally Bridge Group.
Previous investments in the Company were converted into Series A preferred
stock. ImmunGene will use the capital to advance its early-stage development
products to IND-enabling studies.

"ImmunGene, run by a team of excellent scientists from Amgen, Baxter,
Genentech and Seattle Genetics, breaks new ground in the empowered antibody
therapeutics space. Through antibody-interferon fusion, ImmunGene's technology
triggers additional mechanisms of action (MOAs) in killing tumors. With this
unique platform technology, ImmunGene has a well-diversified portfolio of
therapeutic candidates, which enables multiple shots on goal," said Frank Yu,
Founder and CEO of Ally Bridge Group. "Ally Bridge Group is well-prepared to
make additional investments in ImmunGene and is committed to assisting the
Company in its strategic development going forward."

In conjunction with the financing, ImmunGene added two new members to its
board of directors: Frank Yu and Mike Gresser, PhD. Mr. Yu is Founder and CEO
of Ally Bridge Group, a global healthcare-focused investment group with bases
in Hong Kong and the United States, and Themes Investment Partners, a
China-focused private equity fund. Under Mr. Yu's leadership, Ally Bridge and
Themes have invested in multiple life sciences companies in China and the U.S.
Prior to Ally Bridge and Themes, he was Managing Director and Head of China
Investments at Och-Ziff Capital Management, a leading global hedge fund.
Previously, Mr. Yu was a Managing Director at Goldman Sachs where he played an
instrumental role in a series of landmark financing and merger and acquisition
transactions. Dr. Gresser, a member of ImmunGene's scientific advisory board,
has more than 25 years experience in industry, including 12 years at the Merck
Frosst Center for Therapeutic Research and eight years at Amgen as Vice
President and Head of Inflammation and Neuroscience Research Therapeutic
Areas. Presently he is a visiting scholar at the Molecular Biology Institute
at UCLA and Chief Scientific Officer of Myelin Repair Foundation, a non-profit
organization.

ImmunGene also recently received several patents from the U.S. Patent and
Trademark Organization (USPTO) and International Patent organizations. Two of
the patents (US 8,258,263 and US 8,563,692) cover the antibody-interferon
fusion technology that helps target interferon to the tumor cells and
overcomes interferon-related dose-limiting toxicity. A third patent (US
8,497,354) covers a novel fully human monoclonal antibody that targets a
variety of human tumors.

"We are very excited about this financing, which will allow us to continue to
advance our early-stage pipeline drug candidates. We are also very pleased
with the issuance of the new patents from the USPTO, because it strengthens
our intellectual property position around our novel antibody-fusion proteins,"
said Sanjay D. Khare, PhD, President and CEO of ImmunGene. "ImmunGene
continues to push toward our target of an IND filing and initiation of a phase
I clinical trial for IGN002, our lead product candidate in the joint venture
with Valor Biotherapeutics, in the next 12 to 18 months."

Earlier this year, Valor Biotherapeutics, a joint venture between ImmunGene
and Caliber Biotherapeutics, announced a partnership with The Leukemia &
Lymphoma Society (LLS)to advance its lead drug candidate IGN002 to human
proof-of-concept studies. The IGN002 molecule uses ImmunGene's proprietary
antibody-interferon fusion technology to target CD20-positive non-Hodgkin
lymphomas. This technology has been designed to overcome interferon-associated
dose limiting toxicity, while maximizing its targeted anti-tumor effects.

About ImmunGene, Inc.

ImmunGene is a privately held biotechnology company focused on the development
of proprietary antibody-cytokine fusion technology and monoclonal
antibody-based therapies to treat cancer, autoimmune disorders, and other
diseases. ImmunGene has several programs at various stages of development.
ImmunGene is funded by federal government grants including the NIH-SBIR and by
private investors including several biotechnology executives. More information
can be found at: www.immungene.com.

About Ally Bridge Group

Ally Bridge Group ("ABG"), a global investment platform with bases in Hong
Kong and the United States, is primarily focused on life sciences investments,
especially between the United States and China. ABG is founded and led by CEO
Frank Yu, who is also Co-Founder and CEO of Themes Investment Partners, a
China-focused private equity fund. The team led by Mr. Yu actively manages
more than $400 million (US dollars) in assets. ABG specializes in investing in
disruptive technology platforms in both medical devices and
biopharmaceuticals, and adding significant value to its portfolio companies,
particularly in strategic planning, financing, merger and acquisition
exercises and China business development.

SOURCE ImmunGene, Inc.

Website: http://www.immungene.com
Contact: Leah Grant, 206.660.4003, info@immungene.com