Follow the Money: Seaport Therapeutics Glyph Platform, Pathos AI Expansion, More

By Bio-IT World Staff 

November 26, 2024 | Seaport nets funds for its Glyph technology platform; Pathos AI plans to accelerate its AI-powered drug development platform; Alentis Therapeutics pursues antibody drug conjugates; and more. 

$225M: Series B for Glyph Technology Platform 

Seaport Therapeutics announced the closing of an oversubscribed $225 million Series B financing round. Seaport will use the proceeds to advance its clinical-stage pipeline of first and best-in-class medicines through important clinical milestones as well as further advance the capabilities of the Glyph technology platform, which has demonstrated clinical proof-of-concept. The programs in Seaport’s pipeline use the Glyph platform, which is designed to enable and enhance oral bioavailability, avoid first-pass metabolism, and reduce liver enzyme elevations or hepatotoxicity and other side effects to advance clinically active drugs that were previously hindered by those limitations.

$181M: Series D for Antibody Drug Conjugates Targeting CLDN1 

Alentis Therapeutics raised $181.4 million in Series D financing. The proceeds will be used to conduct Phase 1/2 clinical trials of two first-in-class ADCs targeting CLDN1, ALE.P02 and ALE.P03, further development of the pipeline, and general corporate purposes. CLDN1 is a previously unexploited target that plays a key role in the pathology of cancer and fibrotic disease. ALE.P02 and ALE.P03 are first-in-class ADCs designed by linking a potent cancer drug (a tubulin and topoisomerase I inhibitor, respectively) to our antibody that specifically targets a unique CLDN1 epitope exposed on cancer cells. This combination creates a powerful new tool to fight cancer with less toxicity than traditional cancer drugs.

$175M: Series C for Targeted Radiopharmaceuticals  

Alpha-9 announced an oversubscribed $175 million Series C financing. The proceeds will advance distinctive pipeline of targeted radiopharmaceuticals through clinical studies across multiple tumors with high unmet patient need. Furthermore, the funds will expand R&D capabilities and continue to invest in Chemical, Manufacturing, and Controls (CMC) and supply chain. Alpha-9’s approach to designing bespoke molecules is systematic and data-driven. The company has a differentiated toolbox of binders, linkers, chelators and radioisotopes—elements that each play an integral role in radiopharmaceutical development. Alpha-9 designs each component of the radiopharmaceutical for optimal selectivity, stability, and payload delivery.

$115M: Series A for First-in-Class Epilepsy and Pain Oral Small Molecule 

Axonis Therapeutics announced the successful completion of an oversubscribed $115 million Series A financing. Proceeds from the financing will be used to advance Axonis' lead development candidate, AXN-027, through clinical proof-of-concept in patients. AXN-027 is a first-in-class oral small molecule designed to potentiate the function of KCC2, a major CNS chloride transporter essential for inhibitory neurotransmission, for the treatment of epilepsy and pain. Proceeds will also enable the development of next generation compounds targeting KCC2 in these and other indications, including psychiatric and neurodevelopmental disorders.

$115M: Series C for Chronic Urticaria and Atopic Dermatitis 

Evommune announced the completion of a $115 million Series C financing. Proceeds from the Series C financing will be used to support continued advancement of the company's lead clinical programs in chronic urticaria and atopic dermatitis, including multiple Phase 2 studies of EVO756, a potent, highly selective small molecule antagonist of mas-related G-protein coupled receptor X2 (MRGPRX2). EVO756 plays a pivotal role in mast cell activation and neuroinflammation and has the potential to be a very targeted, safe and effective oral therapeutic option for multiple mast cell mediated diseases. The proceeds will also support a Phase 2 proof of concept study of EVO301, a long-acting serum albumin-binding injectable therapeutic fusion-protein that is designed to neutralize the signaling pathway of IL-18 for the regulation of inflammation in multiple chronic inflammatory diseases.

$101M: Series A for Genomic Medicine for Neurodegenerative Diseases 

Trace Neuroscience announced its launch with a $101 million Series A financing. The company is developing novel genomic therapies that restore UNC13A protein to re-establish healthy communication between nerves and muscle cells impacted by neurodegenerative disease. Trace Neuroscience’s lead program is an antisense oligonucleotide (ASO) designed to preserve and potentially improve muscle function in people living with amyotrophic lateral sclerosis (ALS), including those with the sporadic form that affects nine out of 10 people with the disease.

$92M: Series A for Multiple Antibody Drug Conjugate Programs 

Kivu Bioscience closed a $92 million Series A financing round. The funding will be used to advance multiple oncology programs into the clinic, including Kivu Bioscience’s Topo1i-based ADC pipeline. Kivu is utilizing the proprietary Synaffix site-specific linker-payload technology to deliver next-generation ADC therapeutics. The GlycoConnect technology, which couples the linker specifically to asparagine-297, delivers a clean, highly homogenous product. This technology not only offers a clear manufacturing advantage over other conjugation techniques but also produces an ADC that is more stable, significantly reducing off-target side effects. This approach widens the therapeutic window, improving the safety profile for patients.

$92M: Series B for Tenosynovial Giant Cell Tumor Treatment 

SynOx raised additional funding in a final close of its Series B financing, totaling $92 million. Proceeds from the financing are supporting a registrational Phase 3 clinical trial of emactuzumab, a potentially best-in-class CSF-1 receptor (CSF-1R) inhibiting monoclonal antibody for the treatment of Tenosynovial Giant Cell Tumor (TGCT). TGCT is a rare, non-malignant but aggressively growing tumor of the synovium, primarily located in knee, hip, and ankle joints and caused by excessive production of CSF-1. It is a chronically debilitating disease for patients causing loss of function of the affected joints, pain, stiffness, and limited range of motion. Emactuzumab specifically inhibits CSF-1R and earlier clinical work in TGCT1 showed it to be a highly effective, next-generation therapy with a short treatment cycle, rapid onset of action, and long duration of response.

$89M: Series D for Crohn’s Disease Clinical Development 

Agomab Therapeutics announced a $89 million (approx. €82.1 million) Series D financing round. The proceeds from the Series D will be used to further advance the ongoing clinical development of Agomab’s lead candidate, AGMB-129, a gut-restricted oral small molecule inhibitor of ALK5 (TGFβ1R), in patients with fibrostenosing Crohn’s disease (FSCD). In addition, proceeds will be used to advance the clinical development for AGMB-447, a lung-restricted inhaled small molecule inhibitor of ALK5, that is currently in a Phase 1 clinical trial in healthy subjects and patients with idiopathic pulmonary fibrosis (IPF), as well as initial clinical development of AGMB-101, a full MET agonistic antibody currently in the final stages of IND-enabling studies, which the company intends to develop to treat liver cirrhosis.

$84M: Series B for Atopic Dermatitis and Ulcerative Colitis Drug 

TRex Bio raised $84 million in a Series B round meant to advance its immune drug research. The new funds will be used to push the company’s second drug candidate, dubbed TRB-061, into a Phase 1 clinical trial in the first half of next year. The drug is designed to treat atopic dermatitis and ulcerative colitis. Specifically, it targets a receptor found on Tregs in the skin and gut that’s called tumor necrosis factor receptor 2, or TNFR2.

$62M: Series C for AI-Powered Drug Development Platform 

Pathos AI announced the closing of an oversubscribed $62 million Series C funding round. The funds will enable Pathos to expand its team of scientists and engineers, accelerate the development of its AI-powered drug development platform (PATHOS), and advance its clinical-stage pipeline of precision oncology therapeutics. With an initial focus on phase II oncology clinical trials, Pathos is applying its AI platform to acquire additional clinical stage opportunities with phase I results, demonstrating a safe and tolerable profile. Pathos is systematically identifying causal links of critical biological mechanisms that drive certain cancers and lead to worse patient outcomes in the real-world.

$57M: Series A for Antibody Platform Expansion 

ATB Therapeutics has completed a $56.9 million (approx. €54 million) Series A funding round that is aimed at accelerating the clinical development of a groundbreaking therapeutic antibody pipeline derived from its proprietary ATBioFarm platform. The investment will enable ATB to expand and enhance the ATBioFarm platform, as well as to accelerate development of its unique weaponized antibodies for oncology and immunology applications.

$50M: Series B for Graphene-Based Brain-Computer Interface Technology 

INBRAIN Neuroelectronics announced the closing of a $50 million Series B financing round. The funding will enable INBRAIN to accelerate the development of its graphene-based BCI-Tx platform, which offers a bidirectional solution to decode and modulate neural activity with unprecedented resolution. The funding will also support ongoing clinical trials, enable team expansion, and further develop the company’s AI-powered platform for the treatment of neurological-related diseases.

$34M: Series D for Early Detection Test for Lung cancer 

PrognomiQ announced the company’s Series D financing of $34 million. PrognomiQ will use this round of funding to advance development of an early detection test for lung cancer, which the company plans to provide as a lab developed test (LDT) and later as an In Vitro Diagnostics (IVD) test. PrognomiQ was recently granted a Clinical Laboratory Improvement Amendment (CLIA) license to support the development of the LDT product, and it is currently enrolling a prospective 15,000 subject study in lung cancer, initiated in 2023 to support registration of the IVD product.

$20M: Seed Funding for Novel Computational Protein Design Platform 

Archon Biosciences emerged from stealth with $20 million in seed financing. AbCs are a novel class of biologic composed of antibodies combined with a boundless set of AI-generated protein structures that have never existed in nature. Precise control over AbC structure provides the ability to tune both how they distribute in the body and engage their cellular targets with high specificity and potency to establish a new gold standard in drug development. Archon directly applies generative protein design to drug development by not only conceiving but readily manufacturing new molecular entities for preclinical investigation. AbC design combines off-the-shelf antibodies and computationally designed binding proteins that self-assemble into exquisitely precise and geometrically defined nanostructures.

$20M: Seed Funding for Rare Protein Combinations 

Passkey Therapeutics emerged from stealth with $20 million in seed funding. The funding will support Passkey’s development of SMThs (pronounced "smiths")—a new class of single-drug therapies designed to modulate rare combinations of proteins that work together—and Locksmith, the company’s proprietary computational and experimental platform for SMTh discovery. Locksmith uses advanced computational and experimental tools to analyze extensive human genetic datasets and identify previously undiscovered combinations of proteins (termed "Multilogs") that work in concert. Passkey’s approach offers a new way to address many conditions, including cancer, autoimmune and neurodegenerative disorders, and metabolic diseases. The company is progressing its internal pipeline with plans to internally develop SMThs in two distinct therapeutic areas through clinical trials while also exploring potential partnerships in additional areas.

$20M: Series B for Hypoglycemia Prevention for Diabetes 

Zucara Therapeutics announced that Sanofi has made a strategic investment in Zucara as part of the company’s $20 million Series B financing. Proceeds are expected to fund the remainder of Zucara’s ongoing Phase 2a trial of the effect of ZT-01 On Nocturnal hypoglycemia Events in Type 1 diabetes (“T1D”) mellitus (“ZONE”), and the nonclinical activities to support a once-weekly version of ZT-01. ZT-01 is the first once-daily therapeutic to prevent hypoglycemia (low blood glucose levels) in people with diabetes.

$18M: Series A for Wearable Gut Health Monitoring Device 

Alimetry raised an oversubscribed US $18 million Series A-2 financing round to commercialize its wearable gut health monitoring device, capitalizing on increased adoption by a growing cohort of US hospitals. This adoption is driven by Alimetry receiving its fourth FDA clearance, the establishment of a CPT III reimbursement code, and the completion of over 30 clinical studies. Alimetry’s flagship AI-powered product delivers accurate analysis and diagnosis of gut disorders that have been proven difficult to solve using conventional diagnostics and testing. The device detects electrical currents from the skin’s surface (called Body Surface Gastric Mapping), similar to an ultra-high-resolution electrocardiogram (ECG). Recordings of these signals are taken while patients eat and digest a meal.

$15M: Series A for Arteriovenous Fistula Maturation Assessments 

Sonavex has raised $15 million in a Series A-2 financing round and plans to use part of the proceeds to support the development of the company’s EchoMark and EchoSure technologies, which enable healthcare providers to gather vital vascular data in dialysis clinics to assist with arteriovenous (AV) fistula maturation assessments. The funds will be used in the ongoing evidence development for the technologies, including the Maturation of Arteriovenous Fistula with Automated Sonography Assessments (MAFASA) randomized trial for which 304 patients are being actively enrolled.

$14.5M: Seed Funding for Finding Effective Rare Disease Care 

Citizen Health announced the successful closing of a $14.5 million seed round. Navigating healthcare, especially for rare diseases, can present significant challenges. With more than 10,000 rare diseases and 95% lacking approved therapies, patients often struggle to find effective care pathways. Citizen Health addresses this gap by building a comprehensive knowledge base that captures each patient's complete health journey, including clinical data, genetic information, imaging, and patient-reported outcomes.

$12M: Series A for Noncanonical Amino Acid Manufacturing 

Aralez Bio closed an oversubscribed $12 million Series A financing. The investment will be used to further develop Aralez Bio’s unparalleled collection of noncanonical amino acids (ncAAs) and industry-leading manufacturing capabilities. As part of this expansion, Aralez Bio will establish a manufacturing site with tons-per-year production capacity, enabling support for large commercial programs for clients. Noncanonical amino acids are found in many high-value products on the market today, including GLP-1 medications like Ozempic and Mounjaro.

$10.3M: Seed Funding for Sight Loss Therapy 

Ikarovec extended its seed funding round by $6.3 million (approx. £5 million), bringing the total raised to $10.3 million (approx. £8 million). The funds raised will enable the company to continue advanced preclinical studies with IKC159V, a novel bicistronic gene therapy that secretes two clinically relevant proteins that reduce overall oxidative stress and inflammation, key hallmarks of GA, in one injection. They also protect the retinal cells from atrophy and reduce the overall risk of conversion of GA to wet age-related macular degeneration.

$10M: Seed Financing for Next Gen Dual-Payload ADC Therapies 

CrossBridge Bio announced the closing of a $10 million seed financing. The proceeds will fund the development of the company’s lead program, CBB-120, a potential best-in-class TROP-2 dual-payload ADC for the treatment of solid tumors and accelerate the expansion of its pipeline of novel ADC programs. Additionally, funds will be used to further derisk the company’s proprietary linker technology with dual-payload applications, a critical component of its ADC platform, to improve the safety and efficacy profiles of its current and future drug candidates.

$5M: Seed Funding for Next Generation Asthma and COPD Care 

Biometry raised $5 million in an oversubscribed seed funding round. This funding will advance the development of the company’s fenoTRACK solution, a breakthrough device designed to empower asthma and COPD patients by providing data to enable early detection of exacerbations. fenoTRACK is a portable, non-invasive breath test that measures type 2 airway inflammation via fractional exhaled nitric oxide (FeNO). FeNO data helps identify patients at risk of an exacerbation and tailoring therapy based on FeNO data reduces the risk of exacerbation by 38-50% in adults and children respectively.

$4M: Seed Funding for World’s First AI-Native Cancer Diagnostic Test 

Ataraxis AI emerged from stealth with $4 million in seed financing. The funding will help Ataraxis to develop groundbreaking AI-powered diagnostic tests that significantly enhance the prediction of patient outcomes and enable more precise, personalized treatments. The company also unveiled its first offering, Ataraxis Breast, the world’s first AI-native prognostic/predictive test for breast cancer and the most advanced clinically validated test available.

 $2.6M: Seed Funding for Transformative Diagnostics Platform 

Amplified Sciences completed a $2.6 million Series Seed Preferred round. The new capital will be directed toward furthering the company’s proprietary platform, expanding its research and development efforts, securing regulatory clearance for the lead assay PanCystProTM, and initiating a clinical trial to demonstrate the test’s clinical utility. The company is focused on developing actionable diagnostics of cancer and other serious diseases to enable earlier detection, better treatment and ultimately better outcomes for the patient.