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Agomab raises $100 million to advance fibrosis-focused pipeline

2023-10-11

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Agomab Therapeutics on Wednesday closed a Series C financing round worth $100 million, which the company will use to advance its fibrosis-focused pipeline led by AGMB-129. Chief executive Tim Knotnerus said “we…have secured the funding required to conduct clinical studies for multiple drug candidates.”

The company recently started the Phase IIa STENOVA study of AGMB-129 - a gut-restricted small-molecule inhibitor of ALK5 – in patients with fibrostenosing Crohn’s disease. Earlier this year, Agomab reported Phase I results showing that single- and multiple-dosing of the oral drug was safe and well-tolerated and confirming gastro-intestinal (GI)-restricted exposure.

In addition, the proceeds of the financing will be used to advance Agomab’s portfolio of growth factor-targeting drug candidates, including AGMB-447, a small-molecule lung-restricted inhibitor of ALK5 for the treatment of idiopathic pulmonary fibrosis, and the cMET agonistic antibodies AGMB-101 and AGMB-102 for the treatment of fibrotic and degenerative disorders. The company said the funds will also allow “strategic expansion.”

The financing round was led by Fidelity Management & Research Company with participation from EQT Life Sciences, Canaan and KKR’s Dawn Biopharma. In conjunction with the funding, EQT’s Felice Verduyn - van Weegen will join Agomab’s board.

In 2019, Agomab raised €21 million ($22.3 million) in a Series A financing, pulling in $74 million via a Series B round in 2021, which was expanded the following year by $40.5 million.

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