SAN DIEGO– Lassen Therapeutics, a clinical stage biotech company developing first-in-class antibody therapeutics, LASN01, targeting interleukin-11 receptor (IL-11R) as a potential treatment for fibro-inflammatory diseases such as TED and IPF, and a highly potent, first-in-class monoclonal antibody, LASN500, targeting the interleukin-18 binding protein (IL-18BP) as a potential treatment for cancer, today announced the closing of an oversubscribed Series B financing which raised $85 million. Frazier Life Sciences co-led the financing along with new investor Longitude Capital. The syndicate also included new investors BVF Partners and Catalio Capital Management as well as existing investors, Alta Partners and Longwood Capital. Concurrent with this financing, Brian Liu, M.D. from Longitude Capital and Matthew Hobson, Ph.D. from Catalio Capital Management have joined the Board of Directors.
Proceeds from this financing will support the LASN01 clinical program and advance IND-enabling activities for LASN500. The clinical program for LASN01 is focused primarily in TED with a cohort in IPF in the Phase 1 program. Lassen recently presented data using orbital fibroblast cells from TED patients demonstrating that LASN01 suppresses multiple markers associated with TED disease progression including hyaluronan production, cell proliferation, and other markers such as procollagen.
Recent accomplishments and future activities with use of proceeds in the LASN01 program include:
- Expansion of the Phase 1 study in IPF and TED: The Phase 1 study in healthy volunteers has been completed and demonstrated a favorable safety profile, pharmacokinetics, and target engagement, leading to expansion of the program to patient cohorts in IPF and TED; both cohorts are currently enrolling patients with the first patient dosed in TED.
- Initiation and expansion of the Phase 2 program in TED in the US and ex-US: Lassen has received US IND clearance from the FDA as well as Clinical Trial Authorisation (CTA) from the Medicine and Healthcare Products Regulatory Agency (MHRA). One site is active with additional sites being activated in the US and ex-US.
- Development of subcutaneous formulation: Process development work to create a subcutaneous presentation of LASN01 has been initiated.
“I am very pleased with the recent advancements at Lassen, particularly in successfully concluding the Series B financing round which will facilitate the continued development of our two pipeline products,” said Maria Fardis, Ph.D., Chief Executive Officer of Lassen. “The proceeds allow us to advance LASN01 Phase 1 and 2 clinical programs and develop a subcutaneous formulation for LASN01. This antibody has significant potential as a treatment for fibro-inflammatory disorders including TED. Our data in orbital fibroblasts have been highly encouraging and paired with our Phase 1 single and multiple ascending dose safety data, support advancement of LASN01 in Phase 2 for TED.”
“We are very excited about Lassen and the opportunity to develop two first-in-class programs, one in fibro-inflammatory disorders and the other in cancer, along with the management team’s ability to expeditiously execute these programs in pursuit of new therapeutic options for patients,” said Brian Liu, M.D. Managing Director at Longitude Capital. “We are encouraged by the progress of LASN01, the lead program at Lassen which is entering Phase 2 and is a first-in-class antibody that binds to a novel target, an important differentiator in a broad set of fibro-inflammatory indications addressing serious unmet medical needs.”
