Q32 Bio, a Cambridge-based biotech startup which develops therapies for patients with autoimmune and inflammatory diseases has secured US$ 60 million in Series B funding co-led by Acorn Bioventures and OrbiMed Advisors, held in October 2020.
The company has also announced the onset of its Phase 1 clinical trial to assess IL-7R antibody ADX-914 which will be used for treating immune dysregulation. This is a significant milestone for Q32 Bio’s entry into the clinical-stage development process.
The Series B fund will be used to support the advancement of ADX-914. The investment will also help in the further refinement and expansion of both its platform and pipeline process.
ADX-097 is the first fusion protein generated by its platform and is anticipated to enter Phase 1 trials in the fourth quarter of 2021.
What Q32 Bio has to say
According to Michael Broxson, CEO at Q32 Bio, “The closing of our Series B financing and entry into the clinic are pivotal milestones for Q32 Bio.”
“The initiation of the Phase 1 trial for ADX-914 represents an important achievement and a significant step toward bringing a powerful new treatment option to patients with autoimmune disease. We expect to continue to make major advances over the coming year as we move ADX-097 into the clinic,” he also added.
What the investors have to say
“We are thrilled to partner with a stellar group of investors to support Q32’s novel therapeutic platform,” said Stephen Squinto, Executive Partner at OrbiMed Advisors, member of the Q32 Board of Directors and Scientific Advisor.
“With a premier investor syndicate and world class leadership team, Q32 Bio is well positioned to advance a differentiated portfolio of therapies targeting important regulators of both adaptive and innate immunity,” he added.
Isaac Manke, Acorn Bioventures partner and Q32 Bio Board member, said, “Q32 Bio is an ideal investment for Acorn Bioventures, which provides committed capital through multiple financing rounds to innovative and entrepreneurial biotech companies.”
“We are delighted to partner with the company’s outstanding leadership team in Q32’s mission to create the next generation of immune-modulating therapies for patients,” he also added.
About Q32 Bio
Q32 Bio was founded by Shelia Violette in 2017, with headquarters in Cambridge, USA. It is a clinical-stage biotechnology company which concentrates in developing therapies targeting powerful regulators of the innate and adaptive immune systems to re-balance immunity in severe autoimmune and inflammatory diseases and help patients take back control of their lives.
About Acorn Bioventures
It invests in and partners with small, private biotech companies, speciality pharma and medical device companies. Acorn Bioventures was founded in 2017 and has headquarters in New York, USA.
About OrbiMed Advisors
It is an investment firm focusing on biopharmaceuticals, medical devices and diagnostics companies. OrbiMed Advisors was founded in 1989, with its headquarters in New York, USA.
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