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AltruBio Raises $225M Oversubscribed Series B

2024-05-21
SAN FRANCISCO, CA, AltruBio today announced an oversubscribed Series B financing of up to $225 million.
AltruBio, a clinical stage biotechnology company dedicated to developing novel therapeutics for treating immunological diseases with high unmet medical needs, today announced an oversubscribed Series B financing of up to $225 million. AltruBio plans to use the proceeds of the financing to advance the clinical development of the Company's first-in-class, novel immune checkpoint enhancer (ICE) PSGL-1 agonist antibody, ALTB-268. The funds will be used to support ongoing and planned Phase 2 clinical trials in ulcerative colitis (UC), one of many immunological disorders where the mechanism has been clinically validated.

The financing was led by BVF Partners LP with participation from new investors RA Capital Management, Cormorant Asset Management, and Soleus Capital, as well as existing investors aMoon Fund and Blackstone Multi-Asset Investing, with other new and existing investors joining the syndicate.

AltruBio is a clinical-stage biotechnology company that specializes in developing novel therapies leveraging immune checkpoint agonism to enhance the function of natural pathways to downregulate an overactivated immune system. It is believed the mechanism of the immune checkpoint enhancers (ICEs) may hold the key to addressing the pressing medical needs of patients with autoimmune and inflammatory disorders. The Company's research team was the first to discover the novel role PSGL-1 plays as an important immune checkpoint regulator and leveraged its ability to downregulate chronic effector T-cell function and promote down regulation. Robust clinical data validates proof of mechanism of the Company's ICE therapy, ALTB-168, through enhancement of PSGL-1 function. ALTB-168 is designed to preferentially downregulate chronically activated late-stage T-cells in several diseases including ulcerative colitis, steroid refractory acute graft-versus-host disease (SR-aGvHD), psoriatic arthritis, and psoriasis, and was shown to be well tolerated with durable responses. Leveraging the same binding domain and novel mechanism demonstrated for ALTB-168, the Company is advancing a more potent tetravalent ICE, ALTB-268, making it suitable for subcutaneous and patient-friendly administration. čLed by an expert team with successful track records in drug development and commercialization in immunological diseases, AltruBio's mission is to bring safer, more effective, and durable biologic treatments to improve the lives of patients.
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