Agomab Therapeutics, in a remarkable stride forward, has secured an impressive $100 million in series C financing, just one week after advancing its lead asset into a phase 2 clinical trial for a specific type of Crohn’s disease. This Belgian biotech company is poised to utilize a portion of this newfound capital to support the aforementioned trial, a pivotal endeavor that will involve 36 patients grappling with fibrostenosing Crohn’s. In this trial, these patients will receive AGMB-129, an ALK5 inhibitor that has garnered significant attention. Notably, this small-molecule inhibitor, which operates exclusively within the gastrointestinal tract, recently earned the coveted FDA fast-track designation, following its safety validation across all dosage levels during a phase 1 study earlier this year.
The impressive funding round was spearheaded by Fidelity Management & Research Company, a testament to the growing enthusiasm surrounding Agomab’s endeavors. Joining this financial journey are new investors, including EQT Life Sciences and Dawn Biopharma, in addition to the steadfast support of existing backers. This surge in capital follows a substantial $40.5 million extension to a series B round, with Pfizer taking the lead, an event that unfolded last year.
Agomab has been far from idle since its inception in 2019 with an initial investment of 21 million euros ($22 million). Its primary objective has been the development of agonistic monoclonal antibodies, referred to as “agomAbs,” with the potential to revolutionize the treatment landscape for a range of diseases. Founded in Ghent, Belgium, the biotech company takes its roots from the pioneering work of Paolo Michieli, Ph.D., a visionary researcher who has devoted over two decades to studying hepatocyte growth factor (HGF) at the University of Torino.
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HGF, a pivotal player in cell functions such as proliferation, survival, and differentiation, also holds the key to wound healing and tissue regeneration. In 2021, Agomab made waves by acquiring Origo Biopharma, a strategic move that introduced small-molecule drug candidates targeting transforming growth factor beta, including the promising AGMB-129. This acquisition not only redirected Agomab’s focus but also caught the discerning eye of Pfizer, ultimately landing the biotech company a well-deserved spot on the prestigious Fierce 15 list in 2022.
Agomab’s ambitious vision centers around AGMB-129, envisioning it as a potential complement to existing Crohn’s disease treatments, with the goal of curbing the disease and halting the debilitating scarring that often plagues those with fibrostenotic disease. This endeavor holds the potential to address a substantial market, considering that roughly 800,000 individuals in the United States are estimated to be affected by Crohn’s disease, with nearly half of them grappling with the fibrostenotic variant.
In addition to advancing AGMB-129, Agomab’s substantial financial injection will be strategically channeled into its broader pipeline. This lineup includes AGMB-447, an inhaled ALK5 inhibitor aimed at tackling idiopathic pulmonary fibrosis. Also in the company’s arsenal are the MET agonists, AGMB-101 and AGMB-102, targeted toward organ failure and fibrotic indications, respectively. A portion of these funds will be earmarked for enabling the strategic expansion of the organization and supporting general corporate needs, further fortifying Agomab’s position as a dynamic force in the biotech landscape.
