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Asher Bio snags $108M series B for cis-targeted IL-2 immunotherapy programs
On Sept. 01, 2021, Asher Biotherapeutics, a Bay- Area-based biotechnology company developing precisely-targeted immunotherapies for cancer, autoimmune, and infectious diseases, announced the closing of an oversubscribed Series B financing, which already raised $108 million.
Asher Bio aims to advance a portfolio of cis-targeted IL-2 immunotherapy that activates CD8 effector T cells. By engaging two receptors on the same cell for activation, an immunomodulatory receptor for therapeutic action and a specific target receptor for directing the therapy to the desired cell type, Asher Bio’s cis-targeted immunotherapies seek to offer a new level of selectivity, with the potential to deliver superior clinical outcomes and an improved safety profile. The slate of side effects has always been a major concern for the IL-2 targeting therapeutic strategies. “Our platform is quite unique and is different from what a lot of other people are doing. Since our founding, we have made significant progress validating the modularity and broad applicability of our cis-targeting platform, achieving preclinical proof-of-concept for our first three pipeline programs, and building our team into a sustainable organization, with the depth and capabilities to exploit the full potential of our novel immunotherapies. This funding will enable us to accelerate the development of AB248, while continuing to drive our additional programs forward with urgency, as we aim to restore hope, health, and happiness in the lives of patients.” said Craig Gibbs, Ph.D., Chief Executive Officer of Asher Bio.
The financing was led by Wellington Management Company LLP, and included new investors RA Capital Management, Marshall Wace, and others. With the piqued interest of investors and is now flush with cash to take the next step into human studies, Asher’s team of only 33 will look for massive expansion as the hiring numbers would go high very soon.
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Disc Medicine, Blood disorder biotech gets $90M to bring two drugs into Ph2
On Sept. 02, 2021, Disc Medicine, a Cambridge biotech startup spun out of Atlas Venture, took GlyT1 inhibitor, a Roche drug that failed Phase III trail 7 years ago, as a treatment for neurological disorders, in a completely different direction: rare genetic disorders known as Erythropoietic Porphyrias (EP).
EP stems from the lack of an enzyme key to producing heme, the iron-containing molecule that’s part of hemoglobin in the blood. The major symptom of this disorder is hypersensitivity of the skin to sunlight and some types of artificial light, such as fluorescent lights (photosensitivity). After exposure to light, the photo-activated porphyrins in the skin cause bullae (blistering) and the fluid-filled sacs rupture, and the lesions often get infected. These infected lesions can lead to scarring, bone loss, and deformities. Disc Medicine aims to treat the rare disease by suppressing glycine, an amino acid that’s a critical component of heme. “If this all works, it will be the first time for a disease-modifying therapy that really goes to the root of the disease,” Chief Medical Officer Will Savage said.
Having already completed Phase 1 testing under Roche, EP Drug, bitopertin has become Disc Medicine’s most advanced program as measured by development stage. The company’s other clinical stage program, DISC-0974, began a Phase 1 test in July as a potential treatment for a chronic form of anemia caused by inflammatory conditions. This anemia is caused by elevated levels of hepcidin, a protein that regulates iron and causes the body to boost its stores of iron reserves. With the new cash infusion from OrbiMed led new investors like Arix Bioscience, Janus Henderson Investors, 5AM Ventures, Rock Springs Capital, and more, the team — now standing at 20 — expects to have multiple Phase II trials for bitopertin and DISC-0974 up and running, then secure proof-of-concept data in 2023.
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