Pfizer Participates in Funding for Biotech Startup Amplyx

Pharmaceutical giant Pfizer (NYSE: PFE) is helping to pump money into a promising early-stage biotech company. Amplyx Pharmaceuticals, which is still privately held, announced Tuesday it received a $53 million extension to its Series C financing round. Other than Pfizer, the financing syndicate was mostly comprised of venture capital companies. It was not specified how much Pfizer contributed.

Amplyx is a clinical-stage company that concentrates on serious illnesses that attack patients with compromised immune systems -- a particularly pressing area of research given the spread of the SARS-CoV-2 coronavirus, which causes COVID-19.

Image source: Getty Images.