OMass Raises $310 Million to Advance Endocrine and Immunology Drugs

Rare Daily Staff

OMass Therapeutics said it has raised $310 million (£230 million) in a series C financing to advance its lead drug candidate through phase 2 development in congenital adrenal hyperplasia and ACTH-dependent Cushing’s syndrome.

The funding will also be used to generate initial clinical data for an experimental immunology treatment.

Bain Capital Life Sciences, Forbion and Novo Holdings co-led the oversubscribed round. Janus Henderson Investors, SV Health Investors and Jefferson Life Sciences also participated, alongside all of OMass’ existing investors, including Syncona, Oxford Science Enterprises, GV, Northpond Ventures, Sanofi Ventures, British Business Bank and the University of Oxford.

The financing will support development of OMS1620, an antagonist of the melanocortin-2, or MC2, receptor. OMass said the candidate is designed to remain bound to the receptor longer and maintain its activity as levels of the hormone ACTH rise.

In congenital adrenal hyperplasia, or CAH, the company aims to use that approach to normalize androgen levels while patients receive physiologic doses of glucocorticoids—doses intended to replace the body’s normal hormone production. OMass also plans to develop OMS1620 for ACTH-dependent Cushing’s syndrome.

The company’s SLC15A4 inhibitor is being developed for lupus and other diseases associated with excess interferon production and disease-driving B-cell activation. Proceeds from the round will fund the generation of initial clinical data for that program, which OMass described as potentially first-in-class.

Both candidates emerged from the company’s internal discovery efforts. Audrey Cacaly, principal at Forbion, said the financing could deliver clinical data for the two programs, providing opportunities to assess their therapeutic potential.

As part of the financing, Cacaly and Evan Greif, principal at Bain Capital Life Sciences, will join OMass’ board of directors. Max Klement, partner in venture investments at Novo Holdings, and Ali Jazayeri of SV Health Investors will receive board observer seats.

“This financing comes at an exciting point in OMass’ evolution as we advance OMS1620 into the clinic, with our SLC15A4 inhibitor poised to follow,” said Ros Deegan, CEO of OMass.

Photo: Ros Deegan, CEO of OMass