Agomab Therapeutics has secured €94.9m ($100m) in its Series C funding round to advance the development of its fibrosis-focused pipeline.
Fidelity Management & Research led the financing round, with new investors EQT Life Sciences, Canaan and Dawn Biopharma, along with current investors, taking part.
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Agomab plans to use the funding proceeds to support the Phase IIa STENOVA clinical trial of its lead candidate AGMB-129 in the treatment of fibrostenosing Crohn’s disease.
The US Food and Drug Administration granted fast-track designation for the asset.
The fresh capital will also be used to progress and expand the company’s portfolio of anti-fibrotic and regenerative drug candidates.
These assets include AGMB-447 for treating idiopathic pulmonary fibrosis, AGMB-101 for fibrotic disorders and AGMB-102 for degenerative disorders.
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By GlobalDataA small molecule lung-restricted ALK5 inhibitor, AGMB-447 is set to enter a Phase I trial.
Agomab also plans to use the funds to support its strategic expansion and finance general corporate operations.
Felice Verduyn-van Weegen of EQT will join Agomab’s board, and Iyona Rajkomar of Dawn Biopharma and Colleen Cuffaro of Canaan will become board observers.
Agomab Therapeutics CEO Tim Knotnerus stated: “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.
“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.”
