Atom Bioscience Raises $45 Million in Series C Round of Financing to Advance Development of Small Molecule Drugs for Inflammatory and Metabolic Diseases
- Funding will support company’s anticipated global Phase III clinical trial of lead product, ABP-671, for treatment of hyperuricemia and gout, which affects more than 255 million people worldwide
- Phase IIa clinical trial in Australia demonstrated safety and significantly reduced serum uric acid in patients with chronic gout, a painful inflammatory disease caused by excessive levels of uric acid
JIANGSU, China--(BUSINESS WIRE)--Atom Bioscience (Jiangsu Atom Bioscience and Pharmaceutical Co., Ltd.), a clinical stage biotechnology company developing new treatments for inflammatory and metabolic diseases such as chronic gout and non-alcoholic steatohepatitis (NASH), announced today the close of a $45 million Series C financing round to support a global Phase III clinical trial of ABP-671, the company’s lead small molecule drug for hyperuricemia and gout, and preclinical and clinical development of other pipeline products.
The Series C was led by Xicheng Jinrui Equity Investment Fund and ShenZen GTJA Investment Group with participation from new investors, including Efung Capital, Suzhou Oriza Holdings, and Unifortune Investment Holdings Group, and Atom’s existing investors, Kaitai Capital, Livzon Pharmaceutical Group, and Sequoia Capital China. The round brings the company’s total financing to $87 million since its founding in 2012.
“It is a great honor that this round of financing has won the favor and trust of many well-known investment institutions and additional investment from our original shareholders,” said Atom CEO, Chairman, and Founder Dr. William Shi. “There is a substantial unmet clinical demand for patients suffering from chronic gout. ABP-671 has shown exceptional safety and efficacy in Phase I and Phase IIa clinical trials, which gives us great confidence to conduct a global Phase III clinical trial.”
Mr. Pu Huang, Managing General Partner of Xicheng Jinrui Equity Investment Fund, added, “In the face of huge market demand, the serious safety issues of current gout drugs limit the prescription of doctors, and the compliance of patients with medication is poor. The safety and efficacy data obtained from the current clinical studies of ABP-671 are impressive. We look forward to the company's rapid initiation of follow-up clinical trials to benefit patients around the world as soon as possible."
Chronic gout, which affects more than 55 million people worldwide, is caused by hyperuricemia (excessive levels of uric acid in the body) leading to the deposit of uric acid crystals in joints resulting in severe pain, swelling and redness. Patients can experience acute gout attacks suddenly. Hyperuricemia, which affects more than 200 million people worldwide, also is associated with heart, kidney diseases, and diabetes.
ABP-671 is a small molecule inhibitor of the urate transporter (URAT1) protein, which is involved in the reabsorption of uric acid by the kidneys. In gout patients, ABP-671 reduces the reabsorption of uric acid, increasing its excretion in urine to prevent gout attacks.
Hyperuricemia occurs when serum uric acid (sUA) exceeds 7 mg/dL. To prevent gout flare-ups sUA should be less than 6 mg/dL. In the exploratory findings from the Phase IIa clinical trial with a low daily dose of ABP-671, about 95% of patients achieved a sUA less than 6 mg/dL. At the same time, a considerable number of patients achieved a sUA less than 5 mg/dL and as low as 4 mg/dL. Maintaining sUA in a range of 4.0 - 5.0 mg/dL over time is recommended by many national gout treatment guidelines.
Another feature of ABP-671 is its safety profile. It has demonstrated effectiveness at low doses, significantly reducing potential of the serious toxic side effects associated with existing gout treatments, including other URAT1 inhibitors.
Ms. Yuhang Teng, Executive Partner of GTJA investment group, pointed out: “Gout is a field that we have been paying attention to. It has a high incidence rate and a large market demand. But currently, there are still limited drugs that are safe. ABP-671 has shown excellent safety and effectiveness data in current clinical trials, which gives us sufficient confidence to support the rapid advancement of the product , so as to realize its commercialization earlier and benefit gout patients.”
About Atom Bioscience
Atom Bioscience (Jiangsu Atom Bioscience and Pharmaceutical Co. Ltd.) is a fast-growing innovative drug company, focused on development of best in class small molecule therapeutics for treatment of inflammatory and metabolic diseases. The company’s lead product, ABP-671, is in clinical development for treatment of chronic gout. Another small molecule, ABP-6016, has shown remarkable potency for treatment of non-alcoholic steatohepatitis (NASH) with an excellent safety profile. For more information please visit: http://www.atombp.com/en/
Opus Biotech Communications
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Roy J. Wu, MBA
Sr. Vice President, Business Development
Atom Bioscience and Pharmaceutical Co., Ltd