US-based biotechnology company Gossamer Bio has raised $230m in a series B financing round to support its growth and pipeline expansion activities.

Led by Hillhouse Capital, the funding round was also joined by the Abu Dhabi Investment Authority (ADIA), Baupost Group, Invus, ARCH Venture Partners, Polaris Partners and Omega Funds, among others.

Gossamer Bio focuses on the discovery, development and commercialisation of immunology-based drugs across autoimmune, allergy/inflammation and immuno-oncology therapeutic areas.

The company plans to utilise the latest funds for its rapid growth, advancing its early and late-stage theraputic candidates into clinical trials, and to pursue other opportunities for business development.

Gossamer Bio co-founder Sheila Gujrathi said: “This significant financing from a committed, knowledgeable, and sophisticated investor syndicate positions us well to continue development of our programmes.”

The company’s pipeline is said to include four clinical and preclinical development programmes targeting various diseases. Its GB001 candidate is in a Phase II clinical programme, while GB002 and GB004 are in Phase I, and GB003 is in preclinical development stage.

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“This significant financing from a committed, knowledgeable, and sophisticated investor syndicate positions us well to continue development.”

Last month, Gossamer Bio signed an exclusive global licence agreement to develop and commercialise Aerpio Pharmaceuticals’ drug candidate called AKB-4924 along with additional related compounds.

AKB-4924 is an investigational stabiliser of hypoxia-inducible factor-1 alpha (HIF-1 alpha) and is being developed for the treatment of inflammatory bowel disease (IBD).

The candidate has now been named a ‘GB004’. In animal IBD models, the therapeutic is said to have demonstrated anti-inflammatory and mucosal wound healing effects.

Aerpio already conducted preclinical study and a Phase I single ascending dose trial, which indicated favourable safety and efficacy profile.

A Phase I multiple ascending dose study was launched in May this year to evaluate the pharmacokinetics, further safety and tolerability of GB004 in 24 healthy volunteers.