Clinical-stage biotech company Upstream Bio has raised $200m in a Series B financing round to advance its UPB-101 to treat allergic and inflammatory diseases.
Co-led by Venrock Healthcare Capital Partners (Venrock) and Enavate Sciences, the financing round has seen participation from new investors Wellington Management and Bain Capital Life Sciences.
Series A investors Omega Funds, Altshuler Shaham Provident Funds, Access Biotechnology, Samsara BioCapital, TCG X, OrbiMed, Decheng Capital and HBM Healthcare Investments have also participated in the financing round.
Upstream Bio will use the funds to advance its UPB-101 into Phase II trials to treat asthma and chronic rhinosinusitis with nasal polyps (CRSwNP).
It is also preparing for a swift transition to Phase III development.
A new recombinant fully human immunoglobulin G1 monoclonal antibody, UPB-101, is now being evaluated in a Phase 1b trial to treat asthma.
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It targets the human thymic stromal lymphopoietin receptor to inhibit signalling.
The therapy showed that it can inhibit the production of cytokine from both CD4+ T cells and ILC2, and completely suppressed skin allergic reactions in a monkey model in pre-clinical trials.
Upstream Bio CEO Samantha Truex stated: “Our IND has been cleared by the FDA to pursue Phase II programmes in both asthma and CRSwNP.
“These studies are designed to generate evidence that targeting TSLPR may offer people suffering from asthma and CRSwNP a safe and effective therapy with the advantage of less frequent dosing.”
The company also announced that Enavate Sciences Commercialisation executive vice-president Dr Edd Fleming and Venrock partner Alex Rosen have joined its board of directors.