Biotech
Wednesday, October 11th, 2023 2:26 pm EDT
Key Points
- Agomab Therapeutics, a Belgian biotech firm, has successfully raised approximately €94.9 million ($100 million) in a Series C funding round led by Fidelity Management & Research Company, with participation from new investors EQT Life Sciences, Canaan, Dawn Biopharma (controlled by KKR), and existing investors.
- The funding will be used to support the Phase 2a clinical trial of Agomab’s lead candidate AGMB-129, a gut-restricted small molecule inhibitor of ALK5, in patients with Fibrostenosing Crohn’s Disease (FSCD). AGMB-129 received U.S. FDA Fast Track designation and aims to address the lack of approved therapies for FSCD.
- Agomab’s portfolio of growth factor-targeting drug candidates will also be expanded, including AGMB-447 for Idiopathic Pulmonary Fibrosis, AGMB-101, and AGMB-102 for fibrotic and degenerative disorders. The funding will facilitate organizational expansion and support general corporate purposes. The company is dedicated to advancing novel treatments for fibrosis-related diseases.
Agomab Therapeutics, based in Ghent, Belgium, has successfully raised approximately €94.9 million ($100 million) in a Series C funding round. Fidelity Management & Research Company led the round, with participation from new investors EQT Life Sciences, Canaan, Dawn Biopharma (controlled by KKR), and existing investors. The financing will support Agomab’s Phase 2a clinical trial, STENOVA, evaluating AGMB-129, a gut-restricted small molecule inhibitor of ALK5, in patients with Fibrostenosing Crohn’s Disease (FSCD). The company aims to develop drugs for fibrotic diseases, an area underserved by current treatments. The proceeds will also advance the growth factor-targeting drug candidate portfolio and expand the organization. Tim Knotnerus, CEO at Agomab Therapeutics, expressed enthusiasm for further developing their potentially game-changing anti-fibrotic therapies for patients in need.
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