Biotechnology funding has not been interrupted in the summer. Last week, four startups completed Series B financing, and each company is preparing for clinical trials, raising a total of $238 million. Projects under development cover neurodegenerative diseases, rare diseases, and of course cancer. Below are these companies, their drugs and clinical trial plans.
As neuropharmaceuticals approach the clinic, Vigil Neuro raises US$90 million in Series B financing
Eight months later emission, Vigil Neurosciences announced a 90 million USD In the B round of financing, the company is preparing to bring its leading project into clinical practice. Vigil, based in Cambridge, Massachusetts, aims to treat neurological diseases by targeting microglia (a type of immune cell of the central nervous system). The main project of this biotechnology, VGL101, is an antibody against TREM2, a cell surface receptor on microglia that plays a role in how microglia respond to central nervous system damage.
Vigil’s main disease target is adult-onset leukoencephalopathy (ALSP) with axon spheroids and pigmented glial cells, which is a rare hereditary neurodegenerative disease that has not been approved by the FDA. By targeting TREM2, Vigil aims to restore microglia function. According to Vigil, ALSP affects approximately 10,000 people in the United States and similar numbers in Europe and Japan. The company plans to start a natural history study in the fall to recruit ALSP patients to better understand the characteristics of the disease and evaluate biomarkers. A phase one study of healthy volunteers is expected to begin at the end of this year. In addition to antibody drugs, Vigil is also developing small molecules that also target TREM2.
Vigil’s latest financing was led by Vida Ventures. Previous investors Atlas Venture, Northpond Ventures and Hatteras Venture Partners also participated. New investors include Surveyor Capital, Cormorant Asset Management, Invus, OrbiMed, Rock Springs Capital, Deep Track Capital, Logos Capital, Pivotal bioVenture Partners and Lightstone Ventures.
Jnana Therapeutics raises $50 million for rare enzyme deficiency drugs
Jnana Therapeutics is developing drugs that target difficult drug targets.Instead of 50 million USD In the B round of financing, the company announced a pilot project for phenylketonuria (PKU), a rare and potentially fatal enzyme deficiency with almost no treatment.
PKU patients lack phenylalanine hydroxylase (PAH), which is an enzyme that needs to be broken down and is an amino acid in protein-containing foods. Without the key enzyme, phenylalanine levels can reach dangerous levels. PKU is mainly managed through diet, although in 2017, the FDA approved the BioMarin Pharmaceutical drug Kuvan for this condition. Jnana’s drug is a small molecule designed to block SLC6A19, a protein responsible for the kidneys to reabsorb phenylalanine, thereby reducing the level of phenylalanine in the blood.
Through financing, Jnana aims to bring its lead molecule into clinical testing. The biotech company also aims to advance its other pipeline projects and invest in its drug discovery platform. Jnana’s Series B financing was led by RA Capital Management. All early investors in this startup participated, including Polaris Partners, Versant Ventures, Avalon Ventures, AbbVie Ventures, and Pfizer Ventures.
Immunitas adds USD 58 million to CD161 targeted cancer drugs
Immunitas Therapeutics emerged in 2019, and its technology enables companies to analyze single cells to identify and validate new drug targets.The research resulted in a leading project, and the Waltham, Massachusetts-based company now has USD 58 million In the B series of funds, the drug will be promoted to clinical trials.
The program IMT-009 is an antibody designed to block CD161, which is a receptor found on two types of immune cells, T cells and natural killer cells. Immunitas said that blocking and knocking out CD161 in preclinical studies has shown enhanced tumor killing and increased cytokines (proteins that regulate inflammation). The company’s goal is to test IMT-009 in solid tumors and blood cancers. An investigational new drug application is expected to be submitted in the first half of next year.
Agent Capital led the investment in Immunitas’ latest round of financing. Other investors include Medical Excellence Capital, 120 Capital, Solarta Ventures, Mirae Asset, Ono Venture Investment, The Mark Foundation for Cancer Research, NS Investment, BrightEdge and The Leukemia & Lymphoma Society Therapy Acceleration Program. Early investors Alexandria Venture Investments, Evotec, Leaps by Bayer, M Ventures, Novartis Venture Fund and founding investor Longwood Fund also joined this round of financing.
Ranok raises $40 million for a new method to target protein degradation
Targeted protein degradation has become a promising method for potential treatment of diseases, by using cellular processes to dispose of old proteins as a way to get rid of disease-causing proteins.Lanoke Therapy Raised $40 million Because it focuses on introducing cancer drug candidates into clinical testing.
Ranok refers to his technology as chaperone-mediated protein degradation (CHAMP for short). This method utilizes a cell chaperone network, which is different from other targeted protein degradation technologies, and because of its selectivity in targeting tumors, it can provide safety advantages. The biotech company splits its operations in Boston and Hangzhou, China, and will use the proceeds from the financing to continue to develop its most advanced cancer projects, which is expected to be announced by the end of this year. Ranok will also expand other assets in its preclinical pipeline based on CHAMP technology.
The B round of financing was led by Lapam Capital and Shanghai Medical Capital. Other investors in this round include Wu Capital and Zhongguancun Kaiyuan Capital. To date, the company says it has raised more than US$50 million in funding.
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