Agomab extenses Series B with USD40m Bringing Total Amount to USD114m
Agomab Therapeutics NV from Ghent, Belgium, today announced it has extended its Series B financing round with an additional close of $40.5 million (€38.4 million), bringing the total Series B amount raised to $114 million. Pfizer led the extension with an investment through its Pfizer Breakthrough Growth Initiative.
Agomab is translating growth factor biology to pioneer and develop novel treatments that aim to resolve fibrosis, repair tissue structure and restore organ function. The initial Series B close of $74 million, led by Redmile Group, was announced in March 2021. Agomab is developing a portfolio of growth-factor-targeting antibodies and small molecule compounds that address hepatocyte growth factor (HGF) and transforming growth factor beta (TGF-ß) as therapeutic targets to repair tissues, resolve fibrotic processes and restore organ functions. Separately, Pfizer and Agomab have entered an agreement to leverage Pfizers development expertise in support of Agomabs lead compound for the treatment of fibrostenotic Crohns Disease, with Agomab keeping all rights to their assets. In addition, Thomas Wynn, PhD, Vice President, Inflammation & Immunology Discovery Biology, Pfizer, will join Agomabs Scientific Advisory Board.
Agomab gains highly valuable investors with this Series B extension as well as funding that will support the companys development and future growth. Pfizers deep expertise in developing innovative treatments and their specific knowledge of our targets and indications add an extra layer of support, said Tim Knotnerus, Chief Executive Officer at Agomab Therapeutics. We also welcome Walleye, an additional U.S. fund, and Asabys, the primary investor in Origo Biopharma, the company Agomab acquired last year. Other investors are Boehringer Ingelheim Fund, Andera Partners, VIB Ventures and more.
Agomabs pipeline consists of its lead candidate AGMB-129 (originating from Origo), a gastrointestinal tract restricted ALK-5 inhibitor for the treatment of fibrostenotic Crohns disease that is currently being investigated in a Phase 1 clinical trial in healthy volunteers. The second TGF-ß-targeting drug candidate, AGMB-447, is a lung-restricted ALK-5-inhibitor in development for treatment of idiopathic pulmonary fibrosis. AGMB-101 is a full agonist against the MET receptor in development for the treatment of organ failure. Both of these preclinical candidates, AGMB-447 and AGMB-101, are currently in IND-enabling studies. Additionally, Agomab recently expanded its research pipeline with a partial MET-receptor agonist, AGMB-102, for a range of fibrotic indications.
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