US-based biotech startup Ambagon Therapeutics raises USD 85 million in Series A round

Ambagon Therapeutics, a biotechnology company pioneering methods to unlock intrinsically disordered protein targets using small molecules, raised USD 85 million in a Series A funding round led by Nextech Invest on 6 January 2022.

Investors: Nextech Invest led the latest funding round with participation from new investor Surveyor Capital (a Citadel company). In addition, existing investors, including RA Capital Management, Droia Ventures, Inkef Capital, AbbVie Ventures, MRL Ventures Fund, and Mission BioCapital, also contributed to the round.

The Objectives behind the funding: The company plans to deploy the current proceeds to augment its drug discovery platform and to advance its pipeline of molecular glues.

About Ambagon Therapeutics

Founded in 2020 by Christian Ottmann, Lucas Brunsveld and Michelle Arkin, Ambagon Therapeutics is a Developer of small molecule cancer drugs designed to stabilize the direct interaction of oncogenic proteins. The company’s drugs selectively augment the endogenous tumour suppression activity of 14-3-3 proteins bound to transcription factors and oncoproteins that have proven challenging to modulate with conventional approaches, enabling physicians to have opportunities to address other major unmet clinical needs. By stabilizing naturally occurring 14-3-3:client interactions, the company aims to rapidly develop novel therapeutic candidates for difficult-to-drug proteins. Its initial focus is on oncology, with five programs in discovery. It has offices in San Carlos, California, and Eindhoven, the Netherlands.

What the Founder has to say:

“Our deep understanding of 14-3-3 biology has broad applications for drug discovery as it opens up disordered protein regions as therapeutic targets,” said Scott Clarke, CEO of Ambagon Therapeutics. “Combined with our proprietary structural insights, curated chemical library, and bespoke drug discovery tools, our experienced drug development team is well placed to bring forward new medicines addressing previously undruggable targets.”

What the Investor has to say:

“Ambagon’s modular approach for leveraging 14-3-3 biology to enable drug discovery is not just unique, but uniquely well-conceived,” said Melissa McCracken, Partner, Nextech Invest. “We are excited to see such an exciting platform translate into a very rich pipeline.”

“We are proud to continue to support Ambagon as it works to create first-in-class and best-in-class drugs through targeted stabilization of protein complexes,” said Adam Rosenberg, Ambagon’s Chair and RA Capital Venture Partner. “Since our seed investment, the team has developed an impressive proprietary dataset and systemic understanding of 14-3-3 interactions. Ambagon truly has the potential to change the narrative for disordered targets.”

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