Apogee Therapeutics, LLC, a biotech company advancing novel, potentially best-in-class therapies to address immunological and inflammatory disorders, has announced the closing of a $149 million Series B financing.
Proceeds will be used to support Apogee’s plans to advance its lead pipeline program into the clinic in 2023 and expand the leadership, scientific, and clinical teams led by CEO Michael Henderson.
The Series B financing was co-led by Deep Track Capital and RTW Investments, LP. Other new investors include funds and accounts advised by Fidelity Management & Research Company, OrbiMed, Perceptive Xontogeny Ventures Fund II, RA Capital Management, and Wellington Management. Founding investors, Fairmount and Venrock Healthcare Capital Partners, also participated in the oversubscribed Series B financing.
“Apogee is advancing a pipeline of potential best-in-class therapies targeting clinically validated biological pathways with the potential to drastically impact the lives of millions living with immunological and inflammatory disorders,” said Henderson.
“We appreciate the confidence that our investor syndicate, including founding investors Fairmount and Venrock, has demonstrated in our team and strategy to emerge as a leader in serving this significant patient population.”
Paragon partnership
Through a strategic partnership with Paragon Therapeutics, Apogee has the option for exclusive development and commercial rights to a suite of top-tier antibodies which have been specifically engineered to target some of the largest and highest unmet needs facing people with immunological and inflammatory disorders.
Apogee intends to file at least one Investigational New Drug (IND) application with the U.S. Food and Drug Administration (FDA) each year over the next three years, beginning in 2023, and anticipates providing additional information on its four pipeline programs next year.
“By employing the latest advances in protein engineering, Paragon’s discovery and optimization engine has designed and developed a number of promising programs against key immunological targets,” said Hussam Shaheen, senior vice president of biotherapeutics at Paragon Therapeutics.
“Having validated our development model, we are now pleased to have the experienced Apogee team carry these programs forward into the clinic, with the hope of eventually becoming meaningful therapies.”