Abcuro Secures Impressive $155 Million in Oversubscribed Funding Round to Propel Clinical Trials of ABC008, a Groundbreaking Drug for Inclusion Body Myositis (IBM)
In a resounding success, Abcuro, a biotech based in Massachusetts, has successfully raised $155 million in a second funding round that was met with overwhelming interest. This substantial investment is earmarked to propel the Phase II/III trial of their flagship drug, ABC008, designed to combat inclusion body myositis (IBM), a prevalent form of myopathy affecting adults over 50. This financing round is co-led by respected entities Redmile Group and Bain Capital Life Sciences, with participation from esteemed contributors including RA Capital Management, Samsara BioCapital, and Sanofi Ventures.
At the heart of Abcuro’s pioneering approach lies the targeting of killer cell lectin-like receptor G1 (KLRG1), an inhibitory immune checkpoint receptor. This groundbreaking avenue holds promise for addressing conditions characterized by high levels of cytotoxic T-cells, with IBM serving as the initial indication.
“Support from such a strong group of investors will allow us to complete our development programs in diseases where there are few to no treatment options available. We are very motivated by the patients we serve and are excited by the clinical data we’ve seen to date. We’re committed to executing on our clinical trials including our registrational trial in inclusion body myositis.”
– Alex Martin, Chief Executive Officer of Abcuro
IBM, a muscle-wasting autoimmune disease, profoundly impacts the lives of over 50,000 patients across the United States and Europe, predominantly adults over the age of 50. With no approved therapy or established treatment regimen, patients often grapple with severe disability and the specter of premature death. The variability in decline rates among patients further complicates the landscape.
Abcuro has embarked on a significant journey, commencing a Phase II/III trial in the current year. Encouraging Phase I results showcased the ability of ABC008 to effectively deplete CD8 T cells expressing KLRG1 – the most potent form of T cells. The upcoming months are anticipated to yield preliminary safety data that will determine the trajectory of the 230-patient study, ultimately leading to an efficacy assessment.
Notably, the newly acquired financial resources will not only bolster the IBM-focused trial but also expedite the completion of a Phase I/II trial for T cell large granular lymphocytic leukaemia (T-LGLL), an aggressive form of chronic leukemia.
“IBM, like other autoimmune diseases, is progressive and devastating for patients. Targeting the depletion of cytotoxic T cells that express KLRG1 with ABC008 is a novel approach that has generated exciting early data in patients with IBM. These data are also supportive of using ABC008 in other diseases like T-LGLL in which cytotoxic T cells are pathogenic, and mature T and NK cell lymphomas in which KLRG1 expressing cells are malignant. We look forward to further advancing these programs in the clinic.”
– H. Jeffrey Wilkins, M.D., Chief Medical Officer of Abcuro
The trajectory of Abcuro’s success is punctuated by their initial $42 million funding round, successfully closed in 2021. This recent financial infusion serves as a testament to the promise and potential that ABC008 holds in the medical landscape, as well as Abcuro’s capacity to drive innovation in the pursuit of addressing critical unmet medical needs.
As Abcuro takes bold steps toward advancing groundbreaking therapies, their efforts are aligned with the pioneering spirit that fuels advancements in medicine. With their sights set on KLRG1 as a transformative drug target, they’re emblematic of the resilience and determination that define the biotech sector’s quest for improved patient outcomes.
