While the San Diego-based biotech awaits a Phase IIa data readout for its lead lung disease candidate, Endeavor BioMedicines’ next-generation HER3-targeted antibody-drug conjugate will start a Phase I/II trial later this year.
San Diego-based Endeavor BioMedicines has secured $132.5 million in an oversubscribed Series C round to advance its lead lung disease candidate and next-generation HER3-targeted antibody-drug conjugate, the biotech announced Wednesday.
The financing will be used for ENV-101, a potential treatment for idiopathic pulmonary fibrosis (IPF) and progressive pulmonary fibrosis (PPF). Endeavor completed a Phase IIa trial for the candidate in January 2024 and plans to initiate a Phase IIb sometime later this year.
ENV-101’s preliminary results have shown a potential to modify the disease and present treatment outcomes that “go beyond slowing disease progression” for those with IPF. The biotech plans to disclose the full results at a conference next month.
According to Endeavor, the drug goes after the underlying causes of fibrosis by inhibiting the cellular signaling pathway known as hedgehog, which aims to stop the accumulation of the myofibroblasts that can cause the disease.
Endeavor is also moving forward with its anti-HER3 antibody-drug conjugate (ADC), dubbed ENV-501, targeting solid tumors and will start a Phase I/II trial later this year. The company acquired the exclusive worldwide rights to the ADC in October 2023 from Hummingbird Biosciences in a deal worth $430 million in upfront and milestone payments.
“Endeavor BioMedicines has the momentum, coupled with the right team and the necessary financing, to advance our mission of delivering transformational medicines to patients who need them,” Endeavor CEO John Hood said in a statement.
Matrix Capital Management affiliate AyurMaya led the oversubscribed round with new investors, Fidelity Management & Research Company, Velosity Capital, Woodline Partners, Invus and Symbiosis participating. Existing investors in the round included T. Rowe Price Associates, Ally Bridge Group, Avidity Partners, Eckuity Capital and Omega Funds, among others.
“Endeavor BioMedicines’ novel drug candidates have the potential to disrupt the underlying mechanisms that cause serious, life-threatening diseases,” Karan Takhar, senior managing director at Matrix, said in a statement. “I look forward to collaborating with Endeavor BioMedicines’ executive team and other members of the board to support the company’s clinical execution as it pursues significant milestones in 2024 and beyond.”
Endeavor emerged in early 2021 with a $62 million Series A and secured a $101 million Series B in February 2022.
Tyler Patchen is a staff writer at BioSpace. You can reach him at tyler.patchen@biospace.com. Follow him on LinkedIn.
