- Financing led by Bain Capital Life Sciences with significant participation from existing and new investors
- Proceeds will support the development of AGA2118, AGA2115, AGA111 and other pipeline assets for the treatment of serious musculoskeletal diseases
- Norbert Riedel, Ph.D., will join the Board of Directors
WOODLAND HILLS, Calif., Dec. 11, 2024 (GLOBE NEWSWIRE) -- Angitia Biopharmaceuticals ("Angitia” or "the Company”), a clinical-stage biotechnology company focused on the discovery and development of innovative therapeutics for serious musculoskeletal diseases, today announced the closing of a $120 million Series C financing round. Bain Capital Life Sciences led the financing, with participation from new investor Janus Henderson and existing investors OrbiMed, 3H Health Investment, Yonghua Capital, Legend Capital, and Elikon Venture. Proceeds from the Series C will support Angitia's robust pipeline of novel, differentiated treatments for serious musculoskeletal diseases.
"The broad support for Angitia in this financing validates the hard work of our team, the clinical progress of our programs, and the quality of our emerging data,” said Dr. David Ke, M.D., Chief Executive Officer of Angitia. "We express gratitude to our investors, new and returning, for their support in our journey to provide novel and effective treatments for patients with musculoskeletal disease, and we look forward to continuing to execute on developing these valuable medicines.”
Angitia is advancing AGA2118 and AGA2115, bispecific antibodies targeting sclerostin and DKK1, through clinical development for osteoporosis and osteogenesis imperfecta (OI), respectively. The two molecules represent the next generation of dual-acting treatments for skeletal disease, increasing bone formation and decreasing bone resorption. With these two bispecifics, Angitia seeks to promote stronger, more organized skeletal development in patients. The Company is also developing AGA111, a biologic to promote spinal fusion in patients with degenerative disc disease.
In conjunction with the financing, Dr. Norbert Riedel, Ph.D., will join the Company's Board of Directors. A seasoned scientist and biopharmaceutical executive, he brings decades of leadership experience to Angitia. Dr. Riedel serves on the board of directors of Jazz Pharmaceuticals and Eton Pharmaceuticals and is Chairman of the Board of Alcyone Therapeutics. He recently completed his tenure on the board of Cerevel Therapeutics. Dr. Riedel previously founded Aptinyx, Inc. and served as CEO of Naurex, which was acquired by Allergan in 2015. He also held senior roles at Baxter International and Hoechst-Marion Roussel (now Sanofi). Dr. Riedel holds a diploma in biochemistry and a Ph.D. in biochemistry from the University of Frankfurt.
Angitia is enrolling patients in a Phase 2 study in postmenopausal women with AGA2118 (NCT06577935). AGA2115 is being developed for the treatment of OI and is currently in a first-in-human study (NCT06086613). AGA111 is being explored for use in patients undergoing lumbar interbody fusion in a Phase 3 study (NCT06115512).
About Angitia Biopharmaceuticals
Angitia Biopharmaceuticals is a clinical-stage biotechnology company focused on the discovery and development of innovative therapeutics for serious musculoskeletal diseases. Angitia is currently studying 3 biologic product candidates in the clinic for the treatment of osteoporosis, osteogenesis imperfecta (OI), and spinal fusion. Leveraging the team's extensive experience and scientific acumen in novel drug development, Angitia is committed to providing groundbreaking therapies to satisfy key unmet medical needs.
Learn more at www.angitiabio.com.
Investor & Media Contact:
William Windham
Solebury Strategic Communications
646-378-2946
Forward-Looking Statements
This press release is prepared by Angitia (the "Company”, "We”) for informational purposes only. Forward-looking statements include all statements that are not historical facts, and in some cases, can be identified by terms such as "anticipate”, "expect”, "intend”, "plan”, "believe”, "continue”, "could”, "potential”, "may”, "will”, "goal” or similar expressions and the negatives of those terms. However, not all forward-looking statements contain these identifying words.
These forward-looking statements involve substantial known and unknown risks, uncertainties, and other factors that are beyond the Company's control and are difficult to predict and may cause our actual results, timing of results, or achievements to be materially different from the information expressed or implied by these forward-looking statements. We anticipate that subsequent events and developments may cause our expectations and assumptions to change, and we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required by law.
Except as expressly required by law, the Company and/or its officers, directors, employees, and agents shall not assume responsibility for the accuracy and completeness of the forward-looking statements in the information provided.
