Fintech Investments News

Agomab Raises $100 Million Series C to Advance Fibrosis-focused Pipeline

Agomab Raises $100 Million Series C to Advance Fibrosis-focused Pipeline
  • Round led by Fidelity Management & Research Company with participation from new investors EQT Life Sciences, Canaan and Dawn Biopharma, a platform controlled by KKR, as well as existing investors –

  • Proceeds will support clinical Phase 2 stage lead candidate AGMB-129 for Fibrostenosing Crohn’s Disease and the development of a highly innovative pipeline of anti-fibrotic and regenerative therapies, including AGMB-447 for idiopathic pulmonary fibrosis and AGMB-101 and AGMB-102 for inflammatory and fibrotic indications

Agomab Therapeutics NV (‘Agomab’) announced the closing of a $100 million (€94.9 million) Series C financing round 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.

The new capital from the Series C financing will support the recently announced STENOVA Phase 2a clinical trial evaluating Agomab’s lead candidate AGMB-129, a gut-restricted small molecule inhibitor of ALK5, in patients with Fibrostenosing Crohn’s Disease (FSCD). In parallel to the start of the Phase 2a, AGMB-129 was also granted U.S. FDA Fast Track designation. Fibrotic strictures occur in up to 50% of Crohn’s Disease patients and are the leading cause of bowel resection surgery, however there are no approved therapies for FSCD. Earlier this year, Agomab announced positive Phase 1 results showing that single- and multiple-dose oral AGMB-129 was safe and well-tolerated at all doses tested and confirming gastro-intestinal (GI)-restricted exposure.

“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 for anti-fibrotic therapies.”

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In addition, the proceeds will be used to advance and expand Agomab’s 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 proceeds will also enable strategic expansion of the organization and fund general corporate purposes.

As part of the Series C funding round, Felice Verduyn – van Weegen, representing EQT, will join Agomab’s Board of Directors, while Iyona Rajkomar, representing Dawn Biopharma, a platform controlled by KKR, and Colleen Cuffaro, representing Canaan, will join as Board Observers.

“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,” said 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 for anti-fibrotic therapies.”

“We have followed Tim and the team for years and believe that this is the right moment to join the company’s journey,” added 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.”

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