This week, Belgium medtech company Agomab Therapeutics announced the closing of a €94.9 million Series C financing round led by Fidelity Management & Research Company.
The company is pioneering and developing novel treatments using growth factor-targeting antibodies and small molecule compounds that aim to resolve fibrosis, repair tissue structure, and restore organ function.
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. It has recently started a Phase 2a clinical trial in Fibrostenosing Crohn’s Disease and received US FDA Fast Track Designation.
The 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 for idiopathic pulmonary fibrosis and inflammatory and fibrotic indications, as well as enable strategic expansion of the organisations.
Tim Knotnerus, Chief Executive Officer at Agomab Therapeutics, shared:
“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.
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.”
Fidelity Management and Research Company led the round with participation from new investors EQT Life Sciences, Canaan and Dawn Biopharma, a platform controlled by KKR, as well as existing investors.
According to 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.”
Lead image: Louis Read.
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