AgomAb Therapeutics, a Belgian biotech firm located in Ghent, has announced a triumphant conclusion to a significant Series C funding round, securing an impressive $100 million. Leading the charge in this financial endeavor is Fidelity Management & Research Company, with notable contributions from new backers EQT Life Sciences (EQT), Canaan, and Dawn Biopharma (a KKR-controlled platform), in addition to unwavering support from existing investors.
Notably, this funding round introduces influential figures into AgomAb's governance structure. Felice Verduyn-van Weegen, representing EQT, will play a pivotal role on AgomAb's Board of Directors. Furthermore, Iyona Rajkomar from Dawn Biopharma and Colleen Cuffaro from Canaan will join as Board Observers, bolstering the expertise and insights that drive the company's strategic decisions. This injection of funds is set to propel AgomAb Therapeutics toward transformative advancements in biotechnology.
AgomAb Therapeutics is channeling the new funding into supporting a research trial named STENOVA. This trial will assess the effectiveness of AGMB-129, the primary treatment under development. The drug zeroes in on a specific issue in the gut and will be tested on individuals grappling with a condition known as Fibrostenosing Crohn's Disease, which predominantly affects the intestines.
Many patients with Crohn's Disease develop severe complications that may necessitate surgery, and currently, there are no approved treatments for this condition. The new drug has received special authorization from the U.S. FDA to expedite testing.
Earlier this year, AgomAb Therapeutics ascertained that AGMB-129 is safe and well-tolerated when taken orally. The raised funds will also underpin the development of other drugs targeting various problems, including lung diseases and muscle disorders.
Established in 2017, AgomAb builds upon the groundbreaking research conducted by Paolo Michieli and his translational medicine team at the University of Torino, Italy, who have dedicated nearly two decades to comprehending the biology of Hepatocyte Growth Factor (HGF).
The leadership team at AgomAb includes accomplished individuals like Tim Knotnerus, MSc, MBA, who previously served as VP Corporate Development at AM-Pharma and now holds the role of Chief Executive Officer at AgomAb. Their primary treatment, AGMB-129, is currently undergoing trials to evaluate its potential in aiding individuals with Fibrostenosing Crohn's Disease. Another treatment on the horizon, AGMB-447, targets lung issues known as idiopathic pulmonary fibrosis.
Additionally, they are working on AGMB-101, a treatment designed for muscle-related ailments. All these treatments show promise in substantially enhancing the lives of individuals grappling with these health challenges.
"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," says Tim Knotnerus, Chief Executive Officer at AgomAb Therapeutics.
"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 of anti-fibrotic therapies," adds Knotnerus.
"We have followed Tim and the team for years and believe that this is the right moment to join the company’s journey," says 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," adds Verduyn.