Morningside Ventures leads $53.4m Series B in Immune Regulation
Immune Regulation, a US and Cambridge UK based clinical stage biotechnology company has raised a $53.4 million Series B round led by Morningside Ventures.
The cash provides the foundation for the company to accelerate the drug development of first-in-class immune-resetting therapies.
Morningside invested alongside existing shareholders including London-based 24Haymarket. The investment round is structured in two tranches and includes an option for Morningside to invest further capital at a step up to the initial two tranches.
As part of the bonanza, Immune Regulation also raised $7.8m of advance subscription funds from private investors led by Metellus AG which has been applied to the issue of shares.
The new funding will accelerate Immune Regulation’s efforts to develop first-in-class drug product candidates that reset the immune system from a pro-inflammatory state to a balanced state, with the potential to achieve long term disease remission in autoimmune and allergic diseases.
CEO Jonathan Rigby said: “We have two clinical stage drug product candidates, ‘1805 and ‘1104, that have demonstrated impressive efficacy and safety data in phase 2a clinical studies on Rheumatoid Arthritis and Allergic Disease respectively and we are delighted to have Morningside as a partner to advance our programs.
“This partnership with Morningside allows us to build our teams in the US and the UK as we prepare for multiple phase 2 clinical studies for both of our lead assets.
“In addition, we are progressing towards a clinical evaluation of ‘1104 to treat COVID-19 related Acute Respiratory Distress Syndrome (ARDS).”
Morningside Group was founded in 1986, by the Chan family of Hong Kong, to make private equity and venture capital investments.
The company’s managing director, Isaac Cheng, said: “After extensive due diligence, Morningside concluded that Immune Regulation has drug products with significant potential to treat autoimmune and allergic diseases.
“I am pleased to be joining the board and working with management to build a strong company that will deliver on the promise of its’ drug product candidates.”