AN2 Closes $80 Million Financing to Advance Nontuberculous Mycobacterial Lung Disease Program

AN2 Therapeutics, a clinical-stage biopharmaceutical company focused on developing treatments for rare, chronic, and serious infectious diseases with high unmet medical need, announced several significant developments over the past year that include raising $80 million in a series B convertible preferred stock financing in March 2021.

Photo: Eric Easom, president and CEO of AN2 Therapeutics

The financing is expected to support advancement of AN2’s development candidate epetraborole, a once-daily, orally administered investigational treatment for patients with chronic non-tuberculous mycobacterial lung disease (NTM).

Nontuberculous mycobacterium (NTM) pulmonary disease is a growing global health concern and major unmet medical need due to a lack of new medications being developed to combat these bacteria. NTM are ubiquitous environmental pathogens that can cause progressive lung damage and respiratory failure, particularly in patients with compromised immune systems or underlying pulmonary disorders. Although rare, the incidence of NTM pulmonary disease is increasing worldwide. It is estimated that approximately 130,000 patients suffer from NTM in the United States and Europe, a figure that is growing at a rate of 8 percent annually. The elderly and people with compromised immune or lung function are at greatest risk, as are patients with bronchiectasis for whom it is estimated that up to 50 percent may also have active NTM pulmonary disease.

RA Capital Management led the financing with participation by BVF Partners, Surveyor Capital (a Citadel company), Avidity Partners, Monashee Investment Management, Hatteras Venture Partners, and existing investors.

“We are joined by a top syndicate of investors that understands the NTM lung disease landscape and shares our excitement that the profile of epetraborole has the potential to meet the ideal target product profile described by NTM clinicians for novel drugs needed to significantly advance the care of their patients,” said Eric Easom, president and CEO of AN2 Therapeutics. “We believe this investment will accelerate the development of late-stage clinical trials for epetraborole for NTM as well as advance AN2’s pipeline targeting novel therapeutics for rare, chronic, and serious infectious diseases.”

In addition, AN2 Therapeutics also appointed two additional members to its Board of Directors, Patricia Martin, formerly with Eli Lilly, and Stephanie Wong, formerly with Calithera Biosciences.  

Author: Rare Daily Staff