Ghent, Belgium-based Agomab Therapeutics, a biotech company, announced on Wednesday that it has closed a $100M ( approximately €94.9M ) in a Series C round of funding.
The financing round was led by Fidelity Management & Research Company, with participation from new investors EQT Life Sciences (EQT), Canaan, Dawn Biopharma, a platform controlled by KKR, and existing investors.
As a part of the Series C funding round, Felice Verduyn-van Weegen, representing EQT, will be joining Agomab’s Board of Directors.
“We have followed Tim and the team for years and believe that this is the right moment to join the company’s journey,” says Felice Verduyn-van Weegen, Partner at EQT Life Sciences.
“We are very impressed by Agomab’s scientific approach, strong team, and mission to discover and develop drug candidates for fibrotic diseases, which remain underserved by current treatments available,” adds Verduyn.
Additionally, Iyona Rajkomar, representing Dawn Biopharma (a platform controlled by KKR), and Colleen Cuffaro, representing Canaan, will be joining as Board Observers.
Agomob Therapeutics will use the latest capital to support its Phase 2a clinical trial, STENOVA, which will evaluate the effectiveness of the lead candidate AGMB-129. The drug is a gut-restricted small molecule inhibitor of ALK5 and will be tested on patients with Fibrostenosing Crohn’s Disease (FSCD).
As Phase 2a started, AGMB-129 received U.S. FDA Fast Track designation. Crohn’s Disease patients often develop fibrotic strictures, resulting in up to 50 per cent of surgeries. Unfortunately, there are no approved therapies for FSCD.
However, earlier this year, Agomab Therapeutics announced that single- and multiple-dose oral AGMB-129 was safe and well-tolerated at all doses tested and confirmed gastrointestinal (GI)-restricted exposure.
Additionally, the proceeds will be used to advance and expand its portfolio of growth factor-targeting drug candidates, including AGMB-447, a Phase 1-ready small molecule lung-restricted inhibitor of ALK5 for the treatment of Idiopathic Pulmonary Fibrosis, and AGMB-101 and AGMB-102, cMET agonistic antibodies for the treatment of fibrotic and degenerative disorders.
The capital will also enable strategic expansion of the organisation and fund general corporate purposes.
Agomab Therapeutics: Advancing Fibrosis-focused Pipeline
Led by Tim Knotnerus, Agomab is pioneering and developing novel treatments that aim to resolve fibrosis, repair tissue structure, and restore organ function.
The company is building a broad clinical pipeline of differentiated programmes with disease-modifying potential in fibrotic diseases.
Agomab’s pipeline of growth factor targeting antibodies and small molecule compounds includes its lead candidate AGMB-129, a gastrointestinal tract restricted ALK5 inhibitor for which it has recently started a Phase 2a clinical trial in Fibrostenosing Crohn’s Disease and received U.S. FDA Fast Track Designation.
The second TGFß targeting pipeline candidate, AGMB-447, is a Phase-1-ready lung-restricted ALK5-inhibitor for the treatment of idiopathic pulmonary fibrosis.
AGMB-101 is an HGF-mimetic cMET receptor agonist in IND-enabling development for fibrotic disorders treatment.
“With the addition of these world-class investors we continue to build the company as a leader in the field of fibrosis and have secured the funding required to conduct clinical studies for multiple drug candidates,” says Tim Knotnerus, Chief Executive Officer at Agomab Therapeutics.
“I am very pleased to be able to work with the new board to further develop our potentially game-changing therapeutics for the many patients in high need of anti-fibrotic therapies,” adds Knotnerus.