SAN DIEGO– Endeavor BioMedicines, Inc. (“Endeavor”), a clinical-stage biotechnology company developing medicines with the potential to deliver transformational clinical benefits to patients with life-threatening diseases, today announced the closing of a $132.5 million Series C financing, including the conversion of a $5 million convertible instrument. The oversubscribed round was led by AyurMaya, an affiliate of Matrix Capital Management, with participation from new investors including Fidelity Management & Research Company, Invus, SymBiosis, Velosity Capital, and Woodline Partners; and strong support from existing investors including funds managed by abrdn Inc. (formerly Tekla Capital Management LLC), Ally Bridge Group, Avidity Partners, Eckuity Capital, Longitude Capital, Omega Funds, Perceptive Advisors, Piper Heartland Healthcare Capital, Silver Arch Bio, and T. Rowe Price Associates.
Endeavor will use the financing proceeds to advance the clinical development of ENV-101, its lead candidate for the treatment of idiopathic pulmonary fibrosis (IPF) and progressive pulmonary fibrosis (PPF); and to advance ENV-501, a human epidermal growth factor 3 (HER3) antibody-drug conjugate (ADC) for the treatment of HER3-positive solid tumors through clinical proof-of-concept studies.
“We appreciate the support from this group of leading life sciences investors, who recognize the tremendous progress we’ve made since our initial funding rounds as well as the life-changing potential of our therapeutic candidates to reverse the trajectory of relentless diseases,” said John Hood, Ph.D., Co-Founder, CEO and Chairman of Endeavor. “Endeavor BioMedicines has the momentum, coupled with the right team and the necessary financing, to advance our mission of delivering transformational medicines to patients who need them.”
Endeavor’s lead investigational candidate, ENV-101, has the potential to improve lung function and reverse the fibrotic process in the lungs of individuals with IPF and PPF. ENV-101 blocks a cellular wound-healing pathway known as Hedgehog (Hh) that is abnormally activated in IPF and PPF and causes the buildup of scar tissue in the lungs. Current standard-of-care therapies do not address the underlying cause of IPF or PPF. They minimally slow the decline of lung function, but do not stop or reverse it, and have tolerability issues that limit their long-term use in most patients.
Preliminary results from the recently completed randomized, double-blind, placebo-controlled Phase 2a clinical trial of ENV-101 (NCT04968574) underscore its potential to modify disease and offer treatment outcomes that go beyond slowing disease progression for patients with IPF. Results will be presented at the American Thoracic Society (ATS) International Conference in May. Endeavor plans to initiate a Phase 2b trial in patients with IPF and in parallel a cohort of patients with PPF in 2024.
Endeavor’s second investigational candidate, ENV-501, is a next-generation anti-HER3 ADC that has been engineered to minimize off-target toxicity and has a clear path for differentiation against other HER3 ADCs in development. The HER3 protein is a growth factor receptor related to clinically validated oncology targets. HER3 is overexpressed in many solid tumors and those cancers that are HER3-positive are associated with poor prognosis and resistance to certain types of therapies. ENV-501 incorporates chemical and genetic features designed to improve the delivery of the drug to tumors and thereby increase its potency and reduce the toxicities commonly associated with ADCs. Endeavor intends to initiate a Phase 1/2 trial of ENV-501 in 2024.
“Endeavor BioMedicines’ novel drug candidates have the potential to disrupt the underlying mechanisms that cause serious, life-threatening diseases,” said Karan Takhar, Senior Managing Director at Matrix, who will join Endeavor BioMedicines’ Board of Directors as part of the Series C financing. “I look forward to collaborating with Endeavor BioMedicines’ executive team and other members of the board to support the company’s clinical execution as it pursues significant milestones in 2024 and beyond.”
