On May 09, 2024 Attovia Therapeutics reported the closing of a $105 million oversubscribed Series B financing, bringing the total capital raised by the Company since its launch in June 2023 to $165 million (Press release, Attovia Therapeutics, MAY 9, 2024, View Source [SID1234647437]). Proceeds from the financing will be used to advance the Company’s lead programs ATTO-1310 and ATTO-002 through initial clinical data readouts, expand the Company’s immunology and inflammation pipeline, and to further develop the ATTOBODY platform.
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The Series B financing was led by Goldman Sachs Alternatives, with participation from new investors Cormorant Asset Management, Nextech Ventures, Redmile Group, EcoR1 Capital, Marshall Wace, and Logos Capital. Attovia’s existing investors Frazier Life Sciences, venBio, and Illumina Ventures, also participated in the round. Concurrent with the financing, Colin Walsh, Ph.D., Managing Director within Life Sciences Investing at Goldman Sachs Alternatives, was appointed to the Company’s Board of Directors.
"The strong investor interest and timing of this financing underscore the rapid progress we made with Attovia’s differentiated pipeline since the company inception, and the unique potential of our proprietary platform to develop attractive, next-generation immunology product candidates," said Tao Fu, chief executive officer of Attovia. "We are grateful for the support from such a strong group of investors, allowing us to advance our lead programs to the clinic in the near term, further expand our pipeline in novel bi-specifics, and catalyze potential business development opportunities."
Attovia is advancing a pipeline of spatially optimized biparatopic biologics generated from its ATTOBODY platform. The Company’s lead programs, ATTO-1310, a potential first-in-class, long half-life anti-IL31 ATTOBODY, and ATTO-002, a bispecific anti-IL31 x IL13 ATTOBODY, represent potential best-in-class therapeutics for a range of immune-mediated diseases. ATTO-1310 is currently in IND enabling studies and is on track to enter the clinic around year-end 2024 for the treatment of atopic dermatitis and other pruritic diseases. Attovia expects to nominate a development candidate for ATTO-002 in the second half of 2024 and advance the candidate to IND in 2025. The Company is also developing discovery stage programs that expand the ATTOBODY platform footprint to novel, difficult-to-drug targets, and offer additional multi-specific combinations.
"We believe Attovia is well positioned to be a leader in the development of best-in-class novel biologics for patients suffering from a range of diseases in immunology and inflammation," said Colin Walsh, Managing Director within Life Sciences Investing at Goldman Sachs Alternatives. "In a short amount of time, Attovia has leveraged its ATTOBODY platform to generate an impressive pipeline, and we are thrilled to support the further buildout of the company at this pivotal stage."