In a major development, AgomAb Therapeutics, a biotech company based in Ghent, Belgium, announced a successful closure of a significant Series C funding round, amassing $100 million. Fidelity Management & Research Company spearheaded this financing initiative, with notable contributions from fresh investors EQT Life Sciences (EQT), Canaan, and Dawn Biopharma (a KKR-controlled platform), alongside continued support from existing investors.
A significant aspect of this funding cycle involves the inclusion of influential figures within AgomAb’s governance structure. Felice Verduyn-van Weegen, representing EQT, will take 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, enhancing the expertise and insights driving the company’s strategic decisions. This funding injection is poised to propel AgomAb Therapeutics towards achieving transformative advancements in the field of biotechnology.
Cure Crohn’s disease patients
AgomAb Therapeutics will utilise the new funds to support a research trial called STENOVA. This trial will check if AGMB-129, the main treatment they are developing, is effective. The drug targets a specific problem in the gut and will be tested on people with a condition called Fibrostenosing Crohn’s Disease, which affects the intestines.
Many Crohn’s Disease patients develop serious issues that may need surgery, and currently, there are no approved treatments for this condition. This new drug has received special permission from the U.S. FDA to be tested quickly.
Earlier this year, AgomAb Therapeutics found that AGMB-129 is safe and well-tolerated when taken orally. The funding they have raised will also help them develop other drugs that target different problems, like lung diseases and muscle issues.
More treatments at work
Founded in 2017, AgomAb builds on the pioneering research of Paolo Michieli and his translational medicine team at the University of Torino, Italy, focused on understanding Hepatocyte Growth Factor (HGF) biology for nearly two decades.
The leadership team at AgomAb comprises experienced individuals like Tim Knotnerus, MSc, MBA, who previously served as VP Corporate Development at AM-Pharma, and now leads as the Chief Executive Officer at AgomAb. Their primary treatment, AGMB-129, is undergoing testing to assess its potential in aiding individuals with Fibrostenosing Crohn’s Disease. Another treatment in the pipeline, AGMB-447, targets lung issues known as idiopathic pulmonary fibrosis.
Additionally, they are working on AGMB-101, a treatment for muscle problems. All these treatments hold promise in significantly improving 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.