R1 Therapeutics has raised $77.5m in an oversubscribed Series A funding to advance AP306 for hyperphosphatemia in chronic kidney disease (CKD) patients.
The company also secured an exclusive global licence for the development and commercialisation of AP306 with Alebund Pharmaceuticals, excluding Greater China.
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The funding will support the global development of AP306 in collaboration with Alebund.
The Series A round was co-led by Abingworth, F-Prime, and DaVita Venture Group, along with Curie.Bio, SymBiosis, and U. Renal Care.
R1 plans to initiate a Phase IIb study of AP306 later this year.
AP306 is a first-in-class pan phosphate transporter inhibitor under development as monotherapy for hyperphosphatemia in CKD patients.
Unlike currently available phosphate-lowering therapies that address passive phosphate transport through binding mechanisms, AP306 is said to be the only agent designed to block active phosphate transport for CKD treatment.
Uncontrolled hyperphosphatemia is associated with bone and cardiovascular disease, leading to increased morbidity and mortality risk.
A Phase IIa study of AP306 in dialysis patients showed significant reductions in serum phosphate levels.
R1’s leadership includes co-founder, president and CEO Krishna Polu, and SpringWorks Therapeutics former chief development officer L Mary Smith, who will serve as chief operating officer and lead R1’s development activities.
Alebund Pharmaceuticals CEO Gavin Xia said: “R1 Therapeutics brings together an exceptional leadership team with deep nephrology expertise and a clear vision for advancing AP306. This asset addresses a significant unmet need in a large, underserved patient population.
“We are delighted to partner with R1 Therapeutics to develop AP306 globally and improve outcomes for the millions of CKD patients struggling with inadequate phosphate control.”
Originally discovered and developed by Chugai Pharmaceutical, AP306 was subsequently licensed to Alebund. Investigational new drug applications are open in both China and the US.
