iPierian Inc. Nabs $30 Million Series A Financing for Launch of Spin-Out, True North Therapeutics
$30 Million Secured in iPierian Financing and Series A Financing for Launch of Spin-out, True North Therapeutics
South San Francisco, CA, September 4, 2013 – iPierian, Inc., announced today that a new financing of $30 million has been secured to continue to advance iPierian’s drug development in neurodegenerative disease as well as to provide a Series A round to launch a spin-out company, True North Therapeutics. The financing was co-led by SR One, Kleiner Perkins Caufield & Byers and MPM Capital with participation from all existing iPierian investors. iPierian’s two monoclonal antibody R&D programs, targeting the Tau protein and the Complement pathway, each have produced a lead antibody drug candidate and represent distinct therapeutic opportunities to form the basis of separate companies. iPierian will focus on Tau drug development for the treatment of tauopathies, including Alzheimer’s disease; True North Therapeutics will focus on Complement pathway drug development for autoantibody-driven rare diseases.
“With the monoclonal antibody programs that have emerged from iPierian, we see promising opportunities to create value with novel medicines from two companies, each focused on areas of high unmet need – neurodegenerative and rare diseases – where there is strong support by the pharma industry and the medical community for innovative drug development,” said Rajeev Dadoo, PhD, Partner at SR One.
For iPierian, proceeds of the financing will be used to accelerate the clinical development program for IPN007, a monoclonal antibody targeting the Tau protein for the treatment of Alzheimer’s disease and other tauopathies (e.g. progressive supranuclear palsy, frontotemporal dementia). iPierian selected IPN007 based on novel secreted Tau discoveries made using its induced pluripotent stem cell (iPSC) platform. Based on iPierian’s strong in vitro and in vivo preclinical data and achievements in developing the IPN007 humanized antibody, the company plans to file an Investigational New Drug (IND) application with the U.S. FDA in 2014.
For True North Therapeutics, the Series A financing will be used to advance its lead drug candidate TNT009, a first-in-class monoclonal antibody that selectively inhibits a target of the Classical Complement pathway, into clinical trials. The company has completed preclinical studies with TNT009 showing ex vivo efficacy and is focused on Complement-mediated rare diseases in the hematologic, renal and neurological therapeutic areas.
“Given recent positive developments with promising drug candidates, we believe that creating two companies, iPierian and True North, opens up a wider range of possibilities for partnering discussions, allows each company to explore new indications and pipeline opportunities, and optimizes the value to shareholders and patients with the assets built through the scientific legacy of iPierian,” said Jim Scopa, Managing Director at MPM Capital.
“Under Nancy Stagliano’s leadership over the last two years, there has been remarkable progress in transforming the proprietary stem cell platform of iPierian into meaningful drug development programs to form the foundation for business plans in two exciting therapeutic areas,” said Beth Seidenberg, MD, Partner at Kleiner Perkins Caufield & Byers. Nancy Stagliano will serve as Chief Executive Officer of both iPierian and True North Therapeutics. As part of the financing, Rajeev Dadoo from SR One will obtain a seat on the Board of Directors for both companies.
“With such strong investor support, iPierian and True North are each poised to advance novel monoclonal antibody therapeutics into the clinic with IND filings in the next 12 to 18 months,” said Nancy Stagliano, PhD. “We aim to make a significant impact on patient care by applying our innovative therapeutic approaches to these serious diseases.”
iPierian is a biotechnology company developing novel therapies for neurodegenerative disease, specifically focused on discovering monoclonal antibodies against targets of the Tau protein for treatment of Alzheimer’s disease and other tauopathies (e.g. progressive supranuclear palsy, frontotemporal dementia). The company’s lead antibody, IPN007, represents a new approach to Alzheimer’s by targeting a novel form of secreted Tau protein that is differentially regulated in Alzheimer’s disease patients, to slow the spread of Tau throughout the brain and therefore inhibit the associated disease progression. iPierian’s monoclonal antibody program for Tau is based on novel Tau discoveries made using the company’s proprietary induced pluripotent stem cell (iPSC) technology. iPierian is located in South San Francisco, California. For more information, please visit www.ipierian.com.
About True North Therapeutics
True North Therapeutics is a biotechnology company developing novel therapies that selectively target the Complement pathway of the immune system to address fundamental mechanisms in diseases with high unmet need, including rare diseases. The company’s lead monoclonal antibody drug candidate, TNT009, selectively inhibits a target in the Classical Complement pathway, thereby preventing downstream disease processes involving phagocytosis, inflammation, and cell lysis. True North’s drug development programs are focused on Complement-mediated diseases in the hematologic, renal and neurological therapeutic areas. True North Therapeutics is located in South San Francisco, California. For more information, please visit www.truenorthrx.com.
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