Abcuro Secures $200 Million Series C Funding for Rare Muscle Disease Treatment

Abcuro, a Newton, Massachusetts-based biopharmaceutical company, has successfully closed a $200 million Series C financing round to advance its promising treatment for inclusion body myositis (IBM), a rare and debilitating muscle disease. The substantial funding injection will primarily support the ongoing Phase II/III MUSCLE clinical trial of ulviprubart, the company's lead candidate, and pave the way for potential regulatory submission and commercial launch.

Ulviprubart: A Novel Approach to Treating IBM

Ulviprubart, an antibody targeting the killer cell lectin-like receptor G1 (KLRG1), represents a innovative approach to addressing IBM, a condition for which no approved medical treatments currently exist. IBM is a chronic inflammatory muscle disease that typically affects older adults, causing gradual, painless muscle weakness. At present, patients rely solely on exercise and physical therapy to maintain muscle strength.

Alex Martin, CEO of Abcuro, expressed optimism about the potential impact of ulviprubart, stating, "Continued support from all of our investors in this latest financing round validates our vision for the potential that ulviprubart may have as a novel treatment for progressive and devastating diseases mediated by highly cytotoxic T cells, including Inclusion Body Myositis."

Expanding Clinical Programs and Investor Confidence

The substantial Series C funding not only supports Abcuro's IBM program but also bolsters the company's broader clinical initiatives. Notably, ulviprubart is currently being evaluated in a Phase I/II trial for T cell large granular lymphocytic leukemia, further demonstrating the compound's potential versatility in addressing diseases mediated by cytotoxic T cells.

This latest financing round was led by New Enterprise Associates, with participation from new investor Foresite Capital and existing backers, including Bain Capital Life Sciences and Sanofi Ventures. The strong investor interest follows Abcuro's oversubscribed $155 million Series B round in August 2023 and a $42 million Series A-1 round completed two and a half years prior, both of which were also directed towards advancing ulviprubart through clinical trials.

Regulatory Ambitions and Commercial Preparations

With the successful completion of the Series C financing, Abcuro is now setting its sights on the regulatory horizon. The company has announced plans to file a Biologics License Application (BLA) for ulviprubart, marking a significant step towards potential market approval. Additionally, a portion of the newly secured funds will be allocated to preparations for a commercial launch, signaling Abcuro's confidence in the drug's prospects and its readiness to transition from a clinical-stage to a commercial-stage company.