Maxion Therapeutics, a biotechnology company developing antibody-based KnotBody® drugs for ion channel- and G protein coupled receptor (GPCR)-driven diseases, announced that it has raised $72 million (£58 million) in a Series A financing. The financing reaffirms the potential of Maxion’s proprietary KnotBody technology and development pipeline and its opportunity to address large global markets.
This oversubscribed Series A funding round was led by General Catalyst with additional investment from new investors, British Patient Capital, a commercial subsidiary of the British Business Bank, Solasta Ventures and Eli Lilly and Company and supported by existing investors LifeArc Ventures, Monograph Capital and BGF.
Arndt Schottelius, MD PhD, Maxion’s Chief Executive Officer, commented: “This landmark fundraising – one of the largest European private biotech financings since the beginning of 2024 – highlights the significant potential of our technology and development pipeline. KnotBodies represent a potential breakthrough biologic drug modality, delivering greater potency, selectivity, and durability. We believe that KnotBodies will provide transformational new therapeutic options for ion channel- and GPCR-driven diseases, across a wide range of therapeutic areas with a remaining high unmet medical need. The calibre of our international investor syndicate validates our approach, and I would like to welcome our new investors to Maxion and thank our existing investors for their continued support.”
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Maxion is developing a proprietary pipeline of KnotBody molecules with “first-in-class” and “best-in-class” potential. Maxion’s lead KnotBody programme, MAX001, is currently in preclinical development to target a broad spectrum of inflammatory diseases such as atopic dermatitis and inflammatory bowel disease. Other early-stage programmes include KnotBody molecules for the treatment of pain and cardiovascular disease.
Ion channel and GPCR dysfunction is implicated in a wide range of debilitating diseases and current treatments, based on small molecule drugs, often suffer from poor efficacy and side effects due to the lack of selectivity and exposure. Compared to small molecules, engineered antibodies offer superior selectivity and are well proven therapeutically. Despite these obvious advantages, antibody discovery against ion channels and GPCRs has been very challenging with no antibodies against ion channels currently in clinical development.
Co-founders Dr. John McCafferty and Dr. Aneesh Karatt-Vellatt developed Maxion’s revolutionary KnotBody technology, which combines the benefits of knottins (cysteine-rich mini-proteins which are natural ion channel modulators) with antibodies, creating safe, efficacious and long-acting ion channel modulators.
Elena Viboch, Managing Director at General Catalyst, added: “We believe Maxion is radically shifting the biologics discovery process to address the most challenging drug targets such as ion channels and GPCRs. With a strong team and differentiated platform, Maxion is well-positioned to discover and develop medicines that matter.”
Source: Globenewswire