US-based biologics developer Q32 Bio has disclosed a $46m series A round that included pharmaceutical firm Sanofi and healthcare provider Children’s Hospital Colorado.
Venture capital firm Atlas Venture had already incubated the startup and provided seed funding. It led the series A round, which was also backed by OrbiMed Advisors, Abingworth and University of Colorado.
Sanofi and Children’s Hospital Colorado invested in the round through Sanofi Ventures and Children’s Hospital Colorado Center for Innovation respectively.
Q32 Bio is working on treatments for autoimmune and inflammatory diseases that are intended to function by targeting immune system regulators in order to rebalance a patient’s immunity.
The startup’s lead drug candidate is ADX-914, a monoclonal antibody it licensed from pharmaceutical firm Bristol Myers Squibb that it intends to advance into phase 1 clinical trials later this year, Covid-19 lockdown conditions permitting.
Bristol Myers Squibb received both an upfront payment and an equity stake in Q32 Bio as part of the licence agreement. Its technology is based on research from Michael Holers and Joshua Thurman at University of Colorado, and Steven Tomlinson at Medical University of South Carolina.
Michael Broxson, chief executive of Q32 Bio, said: “Autoimmune and inflammatory diseases are driven by dysregulation of the immune response. Q32 Bio has a preeminent team with expertise in both innate and adaptive immunity, a board of directors and scientific advisory board made up of leaders in our field, and a syndicate of blue-chip investors.
“This gives us a running start in developing therapies that may improve and save lives. I am thrilled to join Q32 Bio and look forward to advancing our first two immune-regulating therapies into first-in-human studies planned for 2020 and 2021.”
