REDWOOD CITY, Calif., April 15, 2021 (GLOBE NEWSWIRE) -- AltruBio Inc. (“AltruBio” or “the Company”), a clinical stage biotech company, has announced the completion of a $63 million Series A financing round. The round was led by aMoon with new investors including BVF Partners L.P. (BVF), CAM Capital, and other new and existing investors joining the syndicate.
AltruBio’s President & CEO, Dr. Judy Chou stated: “We are honored to have this strong group of investors join us, marking our steady growth and transformation into a truly promising biotech company with great chances of creating value for patients and all our stakeholders. The investors’ experience and support will enable the Company to leverage our PSGL-1 immune checkpoint regulator program across multiple indications, realizing our ‘pipeline in a product’ vision, and accelerating our ability to bring solutions to patients in need. The strength of this financing validates the renewal and rebuilding of the Company and further validates our science within the biotech industry.”
The Company has successfully executed on a strategic shift over the past year, recruiting a new Board of Directors comprised of internationally recognized biotech industry luminaries with experience across the board in drug development and transitioning the leadership to a new President & CEO, in industry veteran Dr. Judy Chou, who joined the company after leaving Bayer where she was the global head of biotech. Under her leadership, AltruBio has implemented a new focus on its novel PSGL-1 program for immunological diseases, and the Company has now secured the funds to continue advancing the program. Recently, the company has received Fast Track Designation from the FDA for the lead asset neihulizumab (AbGn-168H) in steroid refractory acute graft-versus-host disease (SR-aGVHD).
Dr. Gur Roshwalb, MD, MBA, aMoon’s partner leading the investment added, “We view this as a great opportunity to invest in experienced leadership and unique and proven science. With the backing of an all-star board of directors, Dr. Chou has been taking all the right steps to refocus and lead the company towards a new strategic direction. The PSGL-1 program has the potential to serve as a platform to treat many different T-cell mediated, immunological diseases, offering a new solution to patients without adequate options.”
ABOUT ALTRUBIO INC.
AltruBio is a privately held biotechnology company headquartered in the San Francisco Bay Area that is focused on developing novel therapeutics for the treatment of immunological diseases with high unmet medical needs. The company has leveraged its deep understanding of the role PSGL-1 plays as an immune checkpoint regulator protein to develop a platform for T-cell mediated immunological diseases. Its lead molecule, neihulizumab (AbGn-168H), an immune checkpoint agonist antibody targeting PSGL-1/CD162, is developed for intravenous administration and has achieved proof of mechanism in four autoimmune and inflammatory diseases. Neihulizumab is currently prioritized for further clinical development in steroid refractory acute graft-versus-host disease (SR-aGVHD) where it has been granted FDA Fast Track and Orphan Drug Designation. The company also has a number of next generation PSGL-1 antibodies at the preclinical stage. Its lead preclinical candidate, leiolizumab (AbGn-268), has demonstrated higher potency than AbGn-168H and is advancing toward IND for autoimmune and inflammatory disorders.
ABOUT AMOON FUND aMoon is a leading global HealthTech and Life Sciences venture capital fund based in Israel. As Israel’s largest HealthTech VC fund with over $1.1B AUM, aMoon partners with outstanding entrepreneurs who harness groundbreaking science and technology to transform healthcare and accelerate cure.
Note on Forward-Looking Statements Statements made in this news release that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as expects, believes, intends, and similar expressions are intended to identify forward-looking statements. Actual results may differ materially from those projected in any forward-looking statement. Specifically, there are a number of important factors that could cause actual results to differ materially from those anticipated, such as the Company's ability to raise additional capital, and risks related to the Company's ability to initiate, and enroll patients in, planned clinical trials. You should not place undue reliance on any forward-looking statements. The Company assumes no obligation to update any forward-looking statements as a result of new information, future events or developments, except as required by law.
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Source: AltruBio Inc.