Tourmaline Bio Raises $150 Million to Advance Autoimmune Pipeline Including Thyroid Eye Disease
January 25, 2024
Rare Daily Staff
Tourmaline Bio has raised $150 million in an underwritten public offering to advance its lead program as a treatment for thyroid eye disease.
The company priced 4.6 million shares of its common stock at $32.50 per share. The gross proceeds to Tourmaline from the offering, before deducting underwriting discounts and commissions and offering expenses, are expected to be $150.0 million. In addition, Tourmaline has granted the underwriters a 30-day option to purchase up to an additional 692,307 shares at the public offering price, less the underwriting discounts and commissions.
Tourmaline’s lead program, TOUR006, is a potentially best-in-class anti-IL-6 antibody, for the treatment of thyroid eye disease and atherosclerotic cardiovascular disease.
Thyroid eye disease (TED), also known as Graves’ ophthalmopathy, is an autoimmune disease characterized by inflammation and disfigurement around the eye which can be sight-threatening in severe cases. Off-label use of IL-6 pathway inhibitors in TED has been well-documented in literature demonstrating strong evidence of the ability of such inhibitors to reduce inflammation, eye-bulging, and key biomarkers such as pathogenic autoantibodies.
Its lead program, TOUR006, is an anti-IL-6 antibody with best-in-class properties including high binding affinity to IL-6 and a naturally long half-life which potentially enables delivery as a low-volume, infrequently administered, subcutaneous injection. Tourmaline’s strategy is to develop TOUR006 in diseases characterized by inflammation and autoantibodies, where IL-6 pathway inhibitors have been underexplored despite compelling signals of clinical benefit.
The company initiated a phase 2b trial of TOUR006 for the treatment of TED in the third quarter of 2023 with topline data expected in the first half of 2025. The planned second indication for TOUR006 is atherosclerotic cardiovascular disease (ASCVD), which continues to be a leading cause of death globally despite the wide availability of oral therapies. IL-6 has been implicated as a promising drug target for addressing ASCVD by over two decades of clinical, genetic, and experimental research. Tourmaline plans to initiate a phase 2 trial of TOUR006 in ASCVD in 2024.
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