Healthcare Industry News: Atopic Dermatitis
News Release - April 26, 2023
Evommune Closes $50 Million Series B Financing to Advance Broad Pipeline of Therapies to Treat Chronic Inflammatory Diseases
Financing co-led by Arix Bioscience, EQT Life Sciences and SymBiosis, with participation from new and existing investors including Amplitude Ventures, and Series A leads Pivotal bioVenture Partners and Andera PartnersCapital on-hand provides strong financial position through multiple value-creating milestones across immunology-focused pipeline
PALO ALTO, Calif., April 26, 2023 -- (Healthcare Sales & Marketing Network) -- Evommune, Inc., a clinical-stage biotechnology company discovering and developing new ways to treat inflammatory diseases, today announced the completion of a $50 million Series B financing. The financing was co-led by new investor Arix Bioscience and current investors EQT Life Sciences and SymBiosis, with participation from new and existing investors including Amplitude Ventures, and Series A leads Pivotal bioVenture Partners and Andera Partners.
"As a new investor in Evommune, we are excited to partner with the company's experienced leadership team, which leverages a unique human tissue screening platform to curate its drug discovery and translational medicine decisions," said Mark Chin, Managing Director at Arix Bioscience. "We believe Evommune is well-positioned to deliver on the promise of its lead investigational medicine, EVO101, targeting interleukin 1 receptor-associated kinase 4 (IRAK4), in addition to rapidly advancing the development of its other compelling programs targeting MRGPRX2 and protein kinase C (PKC) theta (PKCθ)."
The capital raised will support Evommune's three prioritized pipeline programs targeting highly prevalent inflammatory diseases, including EVO101, a novel small molecule inhibitor of the IRAK4. This molecule is being evaluated in a Phase 2a proof-of-concept trial in patients with Atopic Dermatitis, with data expected later this year. In addition, Evommune is evaluating EVO756, a preclinical molecule designed to target mast cells by selectively modulating MRGPRX2 to treat chronic spontaneous urticaria and interstitial cystitis, and a discovery program targeting autoimmune diseases via PKCθ.
"Worldwide, three out of five people die from chronic inflammatory diseases, so continuing innovation in the space is vital. With this financing we are poised to be at the forefront of this movement with funds supporting the rapid progression of our broad pipeline well into 2025," said Luis Peña, President and Chief Executive Officer of Evommune. "Evommune has multiple value-creating milestones planned over the next two years. We appreciate the continued support of our existing investors, and welcome new investors who share the vision and excitement about our programs to evolve the immunology landscape."
About Evommune, Inc.
Evommune, Inc. is a private clinical-stage biotechnology inventing new ways to treat inflammatory diseases. The company is evolving immunology through its unique and dynamic human tissue-based approach to discovering, developing, and delivering therapies that address symptoms and halt progressive disease. Evommune was founded in 2020 by an industry-leading team of R&D experts and biotech company builders, and is headquartered in Palo Alto, California. For more information, visit www.Evommune.com.
Source: Evommune
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