Alchemab Raises $82 Million to Advance Antibody Therapeutics in Neurodegeneration and Cancer
April 15, 2021
Rare Daily Staff
Alchemab Therapeutics, a biotech company developing novel products for patients with hard-to-treat diseases by harnessing the power of naturally protective antibodies, said it closed an $82 million (£60 million) series A financing round.
RA Capital Management led the financing, with participation by an international syndicate that included Lightstone Ventures, Data Collective VC (DCVC), DHVC, SV Health Investors, and the Dementia Discovery Fund. The company was created by SV Health Investors who led the seed round in 2019.
The proceeds will be used to advance Alchemab’s target-agnostic drug discovery platform. The approach interrogates the entire antibody repertoires of individuals from well-defined groups who show unexpected resistance to disease despite genetic disposition or other risk factors predicative of a poor prognosis. Using insights gained, Alchemab can identify naturally protective antibodies with therapeutic potential. Alchemab’s primary focus is the development of novel therapeutics for hard-to-treat neurodegenerative diseases and cancers, and the company currently has several programs at the preclinical stage.
Alchemab’s approach was developed with support from scientific founders at Oxford University, Johns Hopkins University, and Mount Sinai Hospital. Alchemab is amongst the first commercial group to access Illumina’s Cambridge, UK Accelerator.
“Our aim is to become a major player in the identification of novel targets and antibodies in the areas of neurodegeneration and cancer,” said Alex Leech, CEO at Alchemab.
In March, Alchemab received an Innovate UK grant to support the development of a novel disease-modifying antibody therapy for Huntington’s disease, in collaboration with the Medicines Discovery Catapult.
Photo: Alex Leech, CEO at Alchemab
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