AgomAb Therapeutics Raises $74 Million Series B to Advance Regenerative Pathway Modulators
-- Proceeds to further advance lead compound AGMB-101 and expand pipeline in inflammatory, metabolic and fibrotic diseases --
-- Company expands leadership team with CMO Philippe Wiesel, CBO Paul van der Horst and CFO Tolga Hassan --
GHENT, Belgium--(BUSINESS WIRE)--AgomAb Therapeutics N.V. announced today the closing of a $74 million Series B financing round led by Redmile Group, with participation from Cormorant Asset Management. All previous investors also participated in the round, including Advent France Biotechnology, Andera Partners, Boehringer Ingelheim Venture Fund, Omnes Capital, Pontifax, and V-Bio Ventures. The proceeds of the Series B will be used to fund clinical proof of concept of the lead program AGMB-101, an HGF-mimetic agonistic antibody, which is currently progressing through IND-enabling studies. The capital will also support further growth of the company’s pipeline of drug candidates designed to modulate regenerative pathways to induce functional organ recovery in acute and chronic diseases. In conjunction with the financing round, a Redmile representative will join the Board of Directors.
“The size and quality of this round reinforces the strong scientific foundation on which AgomAb was built and the support by our initial investors. It enables us to further accelerate our development progress and pipeline growth,” said Tim Knotnerus, Chief Executive Officer at AgomAb Therapeutics. “Adding two top-tier US investors and expanding the leadership team is a very important strategic step for the company, supporting our vision of transforming regenerative medicine.”
AgomAb leverages highly specific monoclonal antibodies to modulate regenerative pathways aiming to resolve inflammatory, metabolic, and fibrotic processes in a range of acute and chronic diseases. The lead candidate AGMB-101, developed using argenx’ validated SIMPLE Antibody™ platform, is a Hepatocyte Growth Factor (HGF)-mimetic agonist of the MET receptor. The HGF/MET pathway is a critical modulator of proliferation, survival, motility and differentiation of cells. Preclinical studies have clearly demonstrated its beneficial potential in a range of autoimmune, inflammatory and fibrotic disorders.
“Tim and his team have done an outstanding job in shaping AgomAb’s focus and establishing a leadership position in the modulation of regenerative pathways. I very much look forward to continuing working with him and his newly expanded leadership team, which brings on board experienced biotech executives in the areas of clinical and corporate development and financial leadership,” added John Haurum, Chairman of AgomAb Therapeutics.
In line with the financing and the company’s commitment to becoming a leader in harnessing regenerative pathways, AgomAb welcomed key hires to its leadership team, including Philippe Wiesel as Chief Medical Officer, bringing more than 10 years of expertise in clinical development of treatments of fibrotic disorders. He previously held the position of CMO at Genkyotex. Paul van der Horst will join AgomAb as Chief Business Officer. Most recently he served as the Head of Corporate Development at Galapagos where he led major transactions, investments, licensing and M&A activities for the company. Tolga Hassan will support AgomAb as Chief Financial Officer and contributes more than 25 years of strategic financial experience. He previously held the position of CFO at F-star Therapeutics. Full biographies can be found on the company’s website through this link.
AgomAb is pioneering therapies that modulate regenerative pathways to achieve structural tissue repair and functional organ recovery. Our growing pipeline of highly specific monoclonal antibodies is designed to treat a range of acute and chronic conditions that involve inflammatory, metabolic and fibrotic processes. By combining new scientific insights with robust development expertise, we are building a company to lead to the emergence of truly regenerative medicines.
For AgomAb Therapeutics
Tim Knotnerus, CEO
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