AltruBio Secures up to $225M Oversubscribed Series B Financing to Advance the Clinical Development of Novel Immune Checkpoint Enhancer Program
May 21 2024 - 8:00AM
AltruBio Inc. (“AltruBio” or “the Company”), a clinical stage
biotechnology company dedicated to the development of novel
therapeutics for the treatment of immunological diseases with high
unmet medical needs, today announced an oversubscribed Series B
financing of up to $225 million. AltruBio plans to use the proceeds
of the financing to advance the clinical development of the
Company’s first-in-class, novel immune checkpoint enhancer (ICE)
PSGL-1 agonist antibody, ALTB-268. The funds will be used to
support ongoing and planned Phase 2 clinical trials in ulcerative
colitis (UC), one of many immunological disorders where the
mechanism has been clinically validated.
The financing was led by BVF Partners LP with participation from
new investors RA Capital Management, Cormorant Asset Management,
and Soleus Capital, as well as existing investors aMoon Fund and
Blackstone Multi-Asset Investing, with other new and existing
investors joining the syndicate.
The Company’s first-in-class, novel ICE agonist antibody,
ALTB-268, is currently being studied in a Phase 2a exploratory
biomarker study in patients with biologic refractory UC with an
anticipated readout for its primary endpoint of clinical remission
per modified Mayo score in 1H 2025. The company plans to initiate a
global Phase 2b randomized, placebo-controlled clinical trial with
a primary endpoint of clinical remission in both advanced therapy
experienced and treatment naive patients with moderately to
severely active UC. This study is anticipated to read out in 2H of
2026.
"We are honored to welcome this esteemed new group of investors,
whose participation complements the support of our existing
world-class investor group. Their collective backing not only
affirms the potential of our program and company but also our
mission of developing durable biologic therapies for patients
suffering from autoimmune diseases,” said Dr. Judy Chou, President
and Chief Executive Officer of AltruBio. “With this substantial
investment, we are one step closer to bringing our first-in-class,
novel immune checkpoint enhancer, ALTB-268, through our ongoing
Phase 2a exploratory biomarker study and initiate an additional
Phase 2b study, while paving the way for potential indication
expansion beyond ulcerative colitis. With our experienced team in
place and this significant financing, we are poised to accelerate
our efforts and deliver innovative treatments to patients in
need."
“Treatment options remain limited in many autoimmune conditions,
including moderate to severe ulcerative colitis, and novel
mechanisms are sorely needed,” commented Gorjan Hrustanovic, Ph.D.,
Managing Director at BVF Partners LP. “We are excited to
support AltruBio and their commitment to developing a
potential first-in-class medicine across multiple autoimmune
indications, starting with UC.”
“Our investment in AltruBio represents an exciting opportunity
to contribute to the dynamic and rapidly evolving landscape of the
inflammatory and immunological space. The heightened interest and
substantial funding in this sector underscore the urgent need for
innovative solutions to address the unmet medical needs of
patients. We share a collective vision with AltruBio to advance
first-in-class medicines, recognizing the potential to
revolutionize patient care and drive impactful change within this
field," said Jake Simson, Ph.D., Partner of RA Capital
Management.
About ALTB-268ALTB-268 is a tetravalent PSGL-1
agonist antibody that acts as an immune checkpoint enhancer (ICE)
to preferentially downregulate chronically activated T-cells by
inhibiting the T-cell effector function, promoting T-cell down
regulation. ALTB-268 is designed to help restore the immune system
to a state of balance without systemic suppression, and by treating
immune diseases at their source. Its unique mechanism of action is
the same as the bivalent intravenously administered ICE, ALTB-168,
which has previously demonstrated promising Phase 2 results in
ulcerative colitis, psoriasis, psoriatic arthritis, and
SR/TR-aGvHD, including improved patient outcomes and clinically
meaningful efficacy. ALTB-268 exhibited increased potency in
preclinical studies and is formulated for subcutaneous dosing for
patient-friendly administration. A Phase 1 study of ALTB-268 has
demonstrated the safety and tolerability in healthy volunteers with
no serious adverse events across all cohorts. A Phase 2a
exploratory biomarker study for ALTB-268 in biologics-refractory
ulcerative colitis patients is currently enrolling patients and a
randomized Phase 2b study in ulcerative colitis is planned to be
initiated later in 2024. Based on the relevance of T-cell
modulation in many immunological diseases, ALTB-268 has broad
expansion potential in different indications and hence has
significant promise as a “pipeline-in-a-product.”
About AltruBio Inc.AltruBio is a
clinical-stage biotechnology company that specializes in
developing novel therapies leveraging immune checkpoint agonism to
enhance the function of natural pathways to downregulate an
overactivated immune system. It is believed the mechanism of the
immune checkpoint enhancers (ICEs) may hold the key to
addressing the pressing medical needs of patients with
autoimmune and inflammatory disorders. The Company’s research
team was the first to discover the novel role PSGL-1 plays as an
important immune checkpoint regulator and leveraged its ability
to downregulate chronic effector T-cell function and
promote down regulation. Robust clinical data validates proof
of mechanism of the Company’s ICE therapy, ALTB-168, through
enhancement of PSGL-1 function. ALTB-168 is designed to
preferentially downregulate chronically activated late-stage
T-cells in several diseases including ulcerative colitis,
steroid refractory acute graft-versus-host disease
(SR-aGvHD), psoriatic arthritis, and psoriasis, and was shown
to be well tolerated with durable responses. Leveraging the
same binding domain and novel mechanism demonstrated for
ALTB-168, the Company is advancing a more potent tetravalent
ICE, ALTB-268, making it suitable for subcutaneous and
patient-friendly administration. Led by an expert team with
successful track records in drug development and commercialization
in immunological diseases, AltruBio’s mission is to bring safer,
more effective, and durable biologic treatments to improve the
lives of patients.
MTS Securities, LLC acted as the exclusive placement agent in
connection with the financing.
Note on Forward-Looking StatementsStatements
made in this news release that are not historical facts are
forward-looking statements. These forward-looking statements
include, but are not limited to, statements about the Series B
financing, including those with respect to subsequent closings, the
use of proceeds from the Series B financing, and the progress and
timing of the Company’s clinical trials, including the timing and
availability of data from such trials. Words such as expects,
believes, plans, anticipates, intends, potential, design and
similar expressions are intended to identify forward-looking
statements. Actual results may differ materially from those
projected in any forward-looking statement. Specifically, there are
a number of important factors that could cause actual results to
differ materially from those anticipated, such as the Company's
ability to achieve certain milestones and complete subsequent
closings of the Series B financing, raise additional capital, and
risks related to the Company's ability to initiate, and enroll
patients in, planned clinical trials. The forward-looking
statements included in this press release represent the Company’s
views as of the date hereof. These forward-looking statements
should not be relied upon as representing the Company’s views as of
any date subsequent to the date hereof.
The Company assumes no obligation to update any forward-looking
statements as a result of new information, future events or
developments, except as required by law.
Contacts
AltruBio Inc: +1-415-655-6603
info@altrubio.com
Media Contact:LifeSci CommunicationsLuke
Shiplolshiplo@lifescicomms.com