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Biopharmaceuticals Venture Capital

 News Release - January 27, 2021

Ukko Secures $40 Million in Series B Funding Led by Leaps by Bayer to Overcome Food Allergies and Sensitivities

Top industry leaders and venture firms unite behind Ukko's efforts to eliminate the world's most prevalent food allergies and sensitivities, including peanuts and gluten

PALO ALTO, Calif., TEL AVIV, Israel and LEVERKUSEN, Germany, Jan. 27, 2021 -- (Healthcare Sales & Marketing Network) -- Ukko, a biotech company with the mission to eliminate food allergies and sensitivities, today announced $40 million in new Series B funding. Ukko harnesses artificial intelligence (AI) and protein engineering to develop healthier food and therapies for food allergies. The new funding will allow Ukko to enter clinical trials with its investigational therapeutic for peanut allergy. It will also accelerate development of Ukko's gluten that is designed for people with celiac and other gluten sensitivities. The round was led by Leaps by Bayer the impact investment arm of Bayer and was joined by Continental Grain Company, PeakBridge Ventures, Skyviews Life Science and Fall Line Capital, as well as existing investors Khosla Ventures, Innovation Endeavors, and TIME Ventures, the investment fund of Marc Benioff.

Novel approach with AI-powered platform

Ukko's novel approach uses a proprietary AI-powered platform that precisely engineers food proteins to eliminate their allergenicity, while keeping their good biochemical and nutritional characteristics. The platform uses patient samples, computational biology, immunology, and protein engineering to make proteins that do not trigger the immune system.

"We are at a unique crossroads in the history of science," said Prof. Yanay Ofran, Chairman and Co-founder of Ukko. "Big data allows us to understand the underpinnings of food sensitivities. Computational tools allow us to precisely design the proteins that make up our bodies and our food. New genome editing technologies allow us to rewrite DNA to produce these new proteins in living cells. Ukko sits at the intersection of these breakthrough technologies, allowing us to redefine healthy food at the molecular level, based on real data."

Ukko has already built one of the largest clinically-validated molecular maps of food allergies, which unlocks critical data and allows the company a rich foundation for further innovation. Ukko has also generated promising data, based on patient samples, that suggests the company's investigational peanut and gluten proteins do not trigger allergic reactions responses in the immune system of patients.

"We are at the forefront of a revolution. Pharma and the food industry will redefine how they think about their products and missions," said Anat Binur, CEO and Co-Founder of Ukko. "Hundreds of millions of people around the world suffer from food allergies and experts see it as a global epidemic. Ending food allergy is critical and is only the beginning. Ukko's tech has the potential to leverage science and human data to redesign our food and medicine."

Improved gluten proteins and therapy for peanut allergy

Ukko has a holistic food-to-therapy approach to solving food allergies and sensitivities. On the food side, Ukko is working on improved gluten proteins that are especially designed for people with celiac and other gluten sensitivities, which allows bakers, food companies, and home cooks to make delicious bread, pizza, pasta, and baked goods that everyone can eat. On the therapeutic side, Ukko is using its protein design platform to develop a new and promising investigational therapy for peanut allergy. Ukko's future pipeline includes plans to address additional major food allergens.

"Ukko's investigative approaches to solving allergies and food sensitivities both from the food side and the patient therapeutics side have the possibility of delivering enormous benefits for humanity," said Juergen Eckhardt, MD, Head of Leaps by Bayer, which was built to drive fundamental breakthroughs in the fields of health and agriculture through new technologies. "One of the big challenges we're addressing through our Leaps investments is attempting to reverse autoimmune diseases, which have enormous impacts on the world's food systems and our health systems in every community around the globe. We are proud to lead this investment in Ukko and help solve the biggest allergies and food sensitivities. It is a great fit to our global leadership role in both health and nutrition."

"I have been a witness to my patients' growing urgency to discover a cure for food allergies. While there are tremendous breakthroughs coming from the research and biotech worlds, safety remains a significant hurdle. Ukko's efforts to solve these challenges for allergies and sensitivities is one of the most promising and exciting approaches I have seen" said Prof. Lynda Schneider, Director of the Allergy Program at Boston Children's Hospital and Professor of Pediatrics at Harvard Medical School.

Number of people suffering food allergies to climb in the coming years

Hundreds of millions of people around the world suffer from food allergies and experts predict the numbers will continue to climb in the coming years. In the U.S. alone, one in 13 children has food allergies (about two in every classroom) and every three minutes a food allergy reaction sends someone to the emergency room. The incidence of celiac disease has been doubling every 15 years and even at that rate of growth over 80% of patients remain undiagnosed, leaving these people with higher risk for developing other serious conditions like anemia or even cancer. Economically, food allergies and sensitivities cost more than $25 billion[1] every year in the U.S. alone and place enormous strain on families, communities, the healthcare system, and the ag and food industries.

Ukko has formed an Advisory Board that includes some of the world's top clinical experts in food allergy and sensitivities, and experts in food and agriculture innovation. The Advisory Board supports the company on the policy, business strategy, science, and clinical aspects of Ukko's work. Some of Ukko's advisors include Bernhard Van Lengerich, Former Chief Science Officer & Vice President for Technology Strategy at General Mills; Ann M. Veneman, Former US Secretary of Agriculture; Dr. Wesley A. Burks, Dean and CEO of the Univ. of North Carolina (UNC) School of Medicine and UNC Health; Dr. Edwin Kim, Associate Professor, Allergy & Immunology Program Director, UNC Food Allergy Initiative; Dr. Kari Nadeau, Director of the Sean N. Parker Center for Allergy and Asthma Research at Stanford University; Prof. Lynda Schneider, Director, Allergy Program Boston Children's Hospital Professor of Pediatrics Harvard Medical School; and Prof. Raanan Shamir, Chairman, Institute of Gastroenterology, Nutrition and Liver Diseases at Schneider Children's Medical Center of Israel.

[1] https://www.foodallergy.org/resources/psychosocial-impact-food-allergies

About Ukko:

Ukko is a biotech company with the mission to eliminate food allergies and sensitivities. Ukko uses a proprietary AI-driven protein engineering platform that allows the company to develop healthier foods and new types of therapeutics. Hundreds of millions of people suffer from food allergies a problem experts call an epidemic. Ukko is using its engineering platform to develop an investigational therapeutic for peanut allergies and an improved gluten for people with gluten sensitivities including celiac that will enable making healthy and wonderful foods. The company is co-founded by CEO Anat Binur, holds a PhD from MIT and an MPH from Columbia, alongside the company's Chairman, Yanay Ofran, who holds a PhD from Columbia University and is considered a leading expert in computational biology and who is also a professor at Bar Ilan University in Tel Aviv. Ukko is backed by some of the world's top investors in food, pharma, ag, and technology. The company's Advisory Board includes renowned allergy researchers and physicians, as well as executives and policymakers from the food and agriculture industries. Ukko is committed to working closely with the U.S. Food and Drug Administration and following all applicable regulations prior to marketing any of its food or therapeutic products. For more information, go to www.ukko.us.

About Bayer and Leaps by Bayer:

Bayer is a global enterprise with core competencies in the life science fields of health care and nutrition. Its products and services are designed to benefit people by supporting efforts to overcome the major challenges presented by a growing and aging global population. At the same time, the Group aims to increase its earning power and create value through innovation and growth. Bayer is committed to the principles of sustainable development, and the Bayer brand stands for trust, reliability and quality throughout the world. In fiscal 2019, the Group employed around 104,000 people and had sales of 43.5 billion euros. Capital expenditures amounted to 2.9 billion euros, R&D expenses to 5.3 billion euros. For more information, go to www.bayer.com.

Leaps by Bayer, a unit of Bayer AG, leads impact investments into solutions to some of today's biggest challenges in health and agriculture. The investment portfolio includes more than 30 companies. They are all working on potentially breakthrough technologies to overcome some specific challenges such as, e.g. regenerating lost tissue function, reducing the environmental impact of agriculture, preventing or curing cancer, and others. For more information, go to leaps.bayer.com

Forward-Looking Statements

This release may contain forward-looking statements based on current assumptions and forecasts made by Bayer management. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those discussed in Bayer's public reports which are available on the Bayer website at www.bayer.com. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.


Source: Ukko

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