Liège-based EXO Biologics, a clinical-stage biotech company, announced on Wednesday, April 24, that it has secured a total of up to €16M in Series A funding.
The announcement comes after the company raised €9M from investors, including Noshaq, Founders, and Belgian Family Offices.
This initial support was further supported by subsidies from the Public Service of Wallonia (SPW) in Belgium, amounting to an additional €7M.
A significant portion (€5.5M) of the public subsidies was granted through the Technological Innovation Partnership for Advanced Therapy Medicinal Products (ATMP-PIT) initiative.
This initiative, part of the Walloon Recovery Plan in Belgium, involves collaboration between 26 partners to drive the development and manufacturing of next-generation biomedicines.
“By achieving this Series A funding in what remains a challenging time across the life science sector, EXO Biologics has received an endorsement from its founders, and existing and new investors. This significant investment will support EXO Biologics in obtaining non-dilutive funding. It will also enable EXO Biologics to bring novel exosome therapies to patients with few alternative therapeutic options,” says Hugues Wallemacq, Chief Executive Officer (CEO) of EXO Biologics.
Fund utilisation
The Belgian company will use the funds to support its ongoing and future clinical trials.
The biotech firm will also use funds to continue its manufacturing expansion, including upgrading its unique production platform, ExoPulse, and expanding partnerships to enable pan-market access to the platform and GMP clinical-grade exosomes for faster access to clinical trials.
EXO Biologics plans to allocate the funding to advance healthcare initiatives, with a specific focus on the EVENEW clinical trial.
This trial, authorised by the European Medicines Agency, involves MSC-based exosomes, with EXO Biologics’ EXOB-001 as the lead candidate.
The study aims to explore the use of EXOB-001 in preventing Bronchopulmonary Dysplasia (BPD) in preterm newborns.
“Having now launched the first clinical trial approved by the EMA to use MSC-based exosomes, EXO Biologics is now able to support the clinical development of these highly promising therapies globally. This significant funding will, therefore, enable EXO Biologics to accelerate development and commercial agreements with third parties worldwide,” says Wallemacq.
To further this goal, EXO Biologics will also invest in enhancing the ExoPulse production platform.
This will allow for more extensive research into the use of exosomes to deliver therapeutic molecules, including RNAs, proteins, and chemical drug compounds.
Additionally, the funds will be used to strengthen ExoXpert, a subsidiary of EXO Biologics.
ExoXpert is one of the first CDMOs (contract development and manufacturing organisation) to specialise in exosomes. It leverages the clinically proven manufacturing platform ExoPulse.
By providing access to ExoPulse, ExoXpert aims to accelerate and de-risk exosome drug development journeys for other companies.
EXO Biologics: Developing biopharmaceuticals using Extracellular Vesicles
Led by Hugues Wallemacq, EXO Biologics is a biotech company committed to developing biopharmaceuticals using exosomes to treat rare diseases with unmet medical needs.
The company’s development strategy focuses on novel drug candidates for therapeutic applications in respiratory diseases, inflammatory bowel diseases, neurology, and oncology.
The Belgian company has developed EXOB-001, a drug candidate based on exosomes derived from human umbilical cord cells.
Exosomes are nanoparticles that help modulate the immune system and promote tissue repair. They are a safer alternative to MSCs as they do not trigger an immune response or emboli.
EXOB-001 has received Rare Pediatric Disease Designation and Orphan Drug Designation from the FDA and ODD from EMA. It is intended to prevent BPD in preterm newborns.
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