On July 23, 2024 Third Arc Bio Inc., a biotech company developing multifunctional antibodies that are optimized for best-in-class T cell engagement across solid tumors and inflammatory & immunology (I&I) disease, reported a $165 million oversubscribed Series A financing that will advance the company through clinical studies to address significant unmet needs in oncology and autoimmunity (Press release, Third Arc Bio, JUL 23, 2024, View Source;immunology-ii-diseases-302201952.html [SID1234645021]).
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The company was launched in 2022 with seed financing from Omega Funds and has since advanced multiple programs that will enter the clinic starting in early 2025. The Series A investor syndicate was led by Vida Ventures and co-led by Cormorant Asset Management and Hillhouse Investment. Omega Funds continued their strong support of the company in the Series A and additional investors include Goldman Sachs Alternatives, BVF Partners LP, funds and accounts advised by T. Rowe Price Associates, Inc., Janus Henderson Investors, funds managed by abrdn Inc., Marshall Wace, Foresite Capital, Logos Capital, Freepoint Capital Group, and AbbVie Ventures.
"With a powerful discovery engine and a stellar development team, the company is well-positioned to deliver best-in-class therapies and regimens," said Peter Lebowitz, MD, PhD, Chief Executive Officer (CEO) of Third Arc Bio. "We are grateful for the strong support from Omega Funds and our investor syndicate, who believe in the value of our precise and targeted approach to modulating the immune response with advanced biologics."
"Less than three years ago, we decided to help realize the scientific vision of Third Arc Bio’s founding team by pairing the latest innovation in antibody development with the pursuit of high impact targets in oncology and autoimmunity," said Francesco Draetta, Managing Partner of Omega Funds. "We are delighted to have played a role in the company’s rapid growth since its inception. This latest oversubscribed financing reflects the hard work and progress of the talented Third Arc team and the broad interest in their approach. We are very excited to see the potential impact that these drugs could have for patients."
"The Third Arc Bio team has an outstanding track record of developing impactful medicines, including multiple approved drugs that have redefined standard-of-care in oncology and I&I," said Arjun Goyal, MD, Co-Founder and Managing Director of Vida Ventures. "We are tremendously excited to lead this round alongside a high-caliber syndicate of life science and strategic investors at a pivotal time for the company’s growth. With Third Arc’s leading portfolio of best-in-class biologics, multiple INDs planned for 2025, and an extraordinary team of drug developers, the company is poised to create bold new treatments leveraging T cell biology for patients globally."
Third Arc Bio’s accomplished leadership team has collectively brought 19 drugs from discovery and development to commercialization:
Peter F. Lebowitz, MD, PhD joined Third Arc Bio as CEO in January of 2024. Peter is a renowned industry leader with extensive drug development experience, including from his prior role as Global Head of Oncology R&D for Johnson & Johnson. Under Peter’s leadership, J&J Oncology achieved 13 major new drug approvals with first and best-in-class medicines. The innovative approach to drug development was reflected in 13 FDA Breakthrough Therapy Designations and 38 New England Journal Publications. Prior to J&J, Peter also served in multiple leadership roles at GSK including as Vice President, Global Head of Oncology Early Clinical Development and Vice President, Medical Development Leader in Late Development at GlaxoSmithKline where he successfully filed 10 Investigational New Drug applications and played a crucial role in the global registration of two oncology medicines.
Sanjaya Singh, PhD is the founder and Chief Scientific Officer of Third Arc Bio. He is a leading expert in biotherapeutics with more than 25 years of experience. Sanjaya is a co-inventor of multiple immunology and immuno-oncology compounds, including Risankizumab (Skyrizi). Sanjaya’s industry experience includes Global Head of Janssen Biotherapeutics, Johnson & Johnson, Boehringer Ingelheim, Biotherapeutics Discovery and Tanox, Inc. (acquired by Genentech). Sanjaya is co-founder and Scientific Advisory Board member of Aliada Therapeutics.
Joe Erhardt, PhD is the Chief Operating Officer of Third Arc Bio and is a highly experienced drug developer, having served for over 20 years in roles from early discovery through late clinical development. In his prior roles, including his most recent role as Vice President, Global Head of Oncology Discovery and External Innovation at Johnson & Johnson, Joe has had operational oversight of expansive portfolios as well as licensing and collaboration for oncology discovery and early development. Joe has delivered a significant number of internal and external candidates in discovery and clinical pipelines across a range of modalities including T cell redirection, T cell costimulation, antibody drug conjugates (ADCs), and targeted radiotherapy.