US-based biopharmaceutical company Aeglea Biotherapeutics closed a $44m series B round co-led by the corporate venturing units of pharmaceutical firms Eli Lilly and Novartis.
Lilly Ventures and Novartis Venture Fund were joined by UT Horizon Fund, OrbiMed, Jennison Associates, Venrock, RA Capital Management, Rock Springs Capital, Ally Bridge Group and Cowen Investments.
Aeglea will use the capital to support the advancement of its engineered human enzymes, which are being developed to combat metabolic diseases characterised by excessive levels of amino acids.
The company plans to enter its lead candidate into Phase I/II clinical proof of concept studies this year.
The financing followed a $12m series A round raised by Aeglea in February 2014 that was also co-led by Lilly Ventures and Novartis Venture Fund and backed by pharmaceutical services provider KBI Biopharma.
Aeglea also joined Austin Technology Incubator, part of the IC2 Institute at The University of Texas at Austin (UT), early last year. UT Horizon Fund is UT’s university venturing fund.
David G. Lowe, president and CEO of Aeglea, said: “New treatments for individuals with inborn errors of metabolism or hematologic and solid malignancies are urgently needed, and this financing enables us to advance our lead molecule into the clinical setting as well as pursue the preclinical development of our pipeline products to address significant unmet medical needs.”