The increased and oversubscribed Series A financing round will be used to advance the lead development program towards clinical proof-of-concept and expand the therapeutic value of the proprietary iRhom2 strategy.
Munich, July 9, 2024 – SciRhom GmbH, a biopharmaceutical company pioneering the development of novel therapeutic iRhom2 antibodies, today announced the closing of a €63 million ($70 million) Series A financing round. The round was co-led by Andera Partners, Kurma Partners, Hadean Ventures, MIG Capital and Wellington Partners, with participation from new investor Bayern Kapital and existing investors including High-Tech Gründerfonds (HTGF) and PhiFund Ventures of New York, USA. The new funds will be used to accelerate and expand the impact of the company’s innovative therapeutic strategy in autoimmune diseases. The first clinical trial evaluating SR-878, a highly specific monoclonal antibody for iRhom2, is expected to start dosing in the second half of 2024.
SciRhom was founded with the mission to provide a new treatment paradigm for autoimmune diseases and potentially other indications by targeting TACE/ADAM17, a master switch for various signaling pathways relevant to autoimmune diseases, via iRhom2. The SciRhom team worked closely with co-founders Prof. Carl Blobel and the Hospital for Special Surgery (HSS), the world’s leading academic medical center for rheumatology and musculoskeletal health, where Prof. Blobel serves as Director of the Arthritis and Tissue Degeneration Program. He has made fundamental contributions to the understanding of how iRhom2 controls TACE/ADAM17 activity in inflammation and autoimmune diseases. SciRhom has designed its lead candidate, SR-878, to simultaneously block multiple pro-inflammatory and disease-promoting pathways, including TNF-alpha, IL-6R and EGFR signaling, while preserving other vital functions that depend on TACE/ADAM17.
This unique ability to target multiple cytokines and potentially promote immune tolerance through the restoration of beneficial TNFR2 signaling and regulatory T cell expansion promises to have a transformative impact in patients with a variety of autoimmune diseases. In addition, selective targeting of iRhom2 is expected to have a favorable safety profile.
“Since its inception, SciRhom has applied rigorous scientific methodologies to build a leadership position in iRhom2-targeted biopharmaceuticals, including a comprehensive IND/CTA-ready data and CMC package and strong patent protection. Now it is time to shift gears and accelerate our novel and potentially breakthrough therapeutic strategy toward clinical proof-of-concept and beyond to reach patients in need of better autoimmune treatments,” commented co-founder Dr. Jens Ruhe, Managing Director & COO of SciRhom.
Based on positive preclinical data sets generated in vitro and in established animal models of rheumatoid arthritis (RA) and inflammatory bowel disease (IBD), SciRhom has advanced its first program to a Phase 1-ready stage. As announced on June 12, 2024, the first CTA approval was granted, paving the way for the initiation of a first clinical trial in Austria in the second half of 2024. The aim of the study is to evaluate safety in healthy volunteers and to provide initial evidence of clinical activity in the second part of the study.
Dr. Jan Poth, Managing Director & CEO of SciRhom, added: “We are delighted to have such a high-caliber international investor consortium and thank our existing shareholders who support SciRhom in this crucial phase of its development. We look forward to working with our new and existing partners and board members to provide patients with a differentiated therapeutic option and address the unmet medical need for much more effective and safer treatments for autoimmune diseases.”
“We are pleased to have supported SciRhom from inception to CTA approval and now look forward to working with the new investors to bring SciRhom’s leading antibody into the clinic,” comments Hans-Ulrich Rabe, current Chairman of the Advisory Board and one of the four founding investors who jointly invest in biotech start-ups via their investment platform Ventura Ace.
In connection with this investment, Dr. Olivier Litzka of Andera Partners, Dr. Peter Neubeck of Kurma Partners, Dr. Georgina Askeland of Hadean Ventures, Dr. Fei Tian of MIG Capital and Dr. Varun Gupta of Wellington Partners will join SciRhom’s Board of Directors.
They declared together “iRhom2 is a key driver of inflammation and SR-878 offers a unique opportunity to inhibit multiple signaling pathways and promote immune and tissue homeostasis. This approach has transformative potential for patients with autoimmune diseases that are currently difficult to treat with existing drugs. SciRhom is led by a highly experienced and dedicated team that we strongly believe can advance SR-878 to clinical validation.”
The SNP Schlawien Partnerschaft team led by Dr. Thomas Schmid provided legal advice to SciRhom on the transaction.
About iRhom2
TACE (TNF-alpha converting enzyme, also known as ADAM17) controls several important signaling pathways, including TNF-alpha, IL-6R and EGFR signaling pathways. TACE is therefore widely accepted as a potential target to block pro-inflammatory pathways, but direct inhibition of TACE causes severe side effects. The recent discovery that iRhom2 (inactive rhomboid 2, RHBDF2) simultaneously and very specifically regulates the TACE-dependent release of TNF-alpha and other pro-inflammatory molecules from immune cells offers the exciting possibility of targeting the disease-promoting activities of TACE while preserving its other vital functions. Given the central role of iRhom2, numerous new research studies have recently highlighted the therapeutic potential of targeting iRhom2 to treat immunological and inflammatory diseases and beyond, including oncological, infectious and metabolic diseases.
About SciRhom
At SciRhom, we are translating world-leading expertise on the TACE/ADAM17 pathway and its central role in autoimmunity and other indications into breakthrough biopharmaceuticals. We are developing proprietary and best-in-class iRhom2-targeted therapies and accelerating the clinical development of our lead antibody program SR-878. With strong support from international lead investors Andera Partners, Kurma Partners, Hadean Ventures, MIG Capital, Wellington Partners and Bayern Kapital and current shareholders, SciRhom aims to push the boundaries of autoimmune medicine.
For more information, visit www.SciRhom.com
Contact
SciRhom GmbH
Dr. Jan Poth (Managing Director & CEO)
E-mail: [email protected]
Valency communication
Mario Brkulj
E-mail: [email protected]
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SciRhom Leadership Team (2024)
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