Agomab closes a 100 million round for anti-fibrotic therapies

To continue a clinical trial on Fibrostenotic Crohn's disease and develop an innovative portfolio of anti-fibrotic and regenerative therapies. This is the objective with which Agomab Therapeutics, participated by Sabadell Asabys, has closed a financing round of 100 million dollars. The operation was led by Fidelity and included the participation of EQT Life Sciences, Canaan, and Kohlberg Kravis Roberts (KKR) as new investors. Asabys, through its funds ---whose main investor is Banco Sabadell---, has reinvested in the company, as have other existing investors, such as Pfizer, Pontifax, Redmile, Cormorant, AnderaPartners, AdBio and Walleye.

The financing will be used to support two drugs of Barcelona origin, as they were developed by Origo Biopharma, a Galician-Catalan company that Asabys sold to Agomab at the end of 2021. Specifically, the funds will allow progress in the phase 2 clinical trial evaluating Agomab's main drug candidate in patients with Fibrostenotic Crohn's disease.

Agomab, based in Ghent, announced earlier this year the positive results of the first phase of the trial. Its drug, called AGMB-129, has been selected by the US regulatory agency FDA to accelerate its review to facilitate its development. Fibrotic strictures affect half of patients with Crohn's disease and are the main cause of intestinal excision surgery.

In addition, the financing obtained from the round will be used to expand Agomab's portfolio of drug candidates targeting growth factors. These come especially from the acquisition of Origo Biopharma, with offices in Galicia and Barcelona, the city from which R&D operations are directed. Agomab bought it in 2021, after it was backed by Asabys in 2020. The drugs include treatments for Idiopathic Pulmonary Fibrosis and for fibrotic and degenerative disorders.

Agomab's CEO, Tim Knotnerus, has stated that, with the financing round and the incorporation of these investors, the company continues to "consolidate itself as a leader in the field of fibrosis".

From Asabys, Clara Campàs has assured that the round "is a validation of the promising therapeutic potential that the company has," while Felice Verduyn, from EQT Life Science, has highlighted Agomab's work in fibrotic diseases that "continue to be underserved by currently available treatments."