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09.07.2024 08:10:26 - dpa-AFX: EQS-News: MIG Capital co-leads EUR63 million Series A round for autoimmune biotech SciRhom (english)
MIG Capital co-leads EUR63 million Series A round for autoimmune biotech
SciRhom
EQS-News: MIG CAPITAL AG / Key word(s): Financing
MIG Capital co-leads EUR63 million Series A round for autoimmune biotech
SciRhom
09.07.2024 / 08:10 CET/CEST
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
MIG Capital co-leads EUR63 million Series A round for autoimmune biotech
SciRhom
Munich, 9 July 2024
MIG Capital, one of Germany's leading venture capital firms, announced today
that it is co-leading a EUR63 million ($ 70 million) Series A financing for
SciRhom GmbH, a bio-pharmaceutical company pioneering the development of
first-in-class therapeutic iRhom2 antibodies. The financing round was led by
an investor syndicate which, in addition to MIG Capital, includes new
investors Andera Partners, Kurma Partners, Hadean Ventures, and Wellington
Partners, with participation from new investor Bayern Kapital and existing
investors, among them High-Tech Gründerfonds (HTGF) and PhiFund Ventures.
The new funds will be used to accelerate and broaden the impact of the
company's innovative therapeutic strategy in autoimmune disorders. The first
clinical study evaluating SR-878, a highly specific monoclonal antibody for
iRhom2, is expected to start dosing in the second half of 2024.
SciRhom was founded with the mission to provide a new treatment paradigm for
autoimmune diseases and potentially other indications by selectively
addressing TACE/ADAM17, a master switch for various autoimmune
disease-relevant signaling pathways, via iRhom2. The SciRhom team
collaborated closely with co-founders Prof. Carl Blobel and the Hospital for
Special Surgery (HSS), the world's leading academic medical center
specialized in Rheumatology and musculoskeletal health, where Prof. Blobel
serves as Director of the Arthritis and Tissue Degeneration Program. He has
made seminal contributions to the understanding of how iRhom2 controls the
activity of TACE/ADAM17 in inflammation and autoimmune diseases. SciRhom
designed its most advanced development candidate SR-878 to simultaneously
block several pro-inflammatory and disease-driving pathways, including
TNF-alpha, IL-6R, and EGFR signaling, while preserving other vital functions
dependent on TACE/ADAM17. This unique ability to attack multiple cytokines
and to potentially promote immune tolerance through restoring beneficial
TNFR2 signaling and regulatory T-cell expansion promises to have a
transformative effect in patients across a wide range of autoimmune
diseases. Moreover, the selective targeting of iRhom2 is expected to have a
favorable safety profile.
"Since its foundation, SciRhom has applied rigorous science to establish a
leading position in iRhom2-targeting biopharmaceuticals including a
comprehensive IND/CTA-enabling data and CMC package and strong patent
protection. Now is the time to shift gears and accelerate our novel and
potentially groundbreaking therapeutic strategy towards clinical
proof-of-concept and beyond to reach patients in need of better autoimmune
treatments," commented Dr. Jens Ruhe, co-founder, Managing Director and COO
of SciRhom.
Based on positive preclinical data sets generated in vitro and in
established animal models of rheumatoid arthritis (RA) and inflammatory
bowel disease (IBD), SciRhom has advanced its first program to a Phase
1-ready stage. As announced on June 12th, 2024, the first CTA approval was
achieved paving the way for initiating a first clinical study in Austria in
the second half of 2024. The study aims to evaluate safety in healthy
volunteers and provide initial evidence of clinical activity in the second
part of the study.
Dr. Jan Poth, Managing Director and CEO of SciRhom, added: "We are excited
to have attracted such a high-caliber international consortium of investors
and appreciate our existing shareholders backing SciRhom in this crucial
period of its development. We look forward to collaborating with our new as
well as existing partners and board members to bring a differentiated
therapeutic option to patients and address the unmet medical need for much
more effective and safe treatments for autoimmune disorders."
In conjunction with this investment, Dr. Fei Tian from MIG Capital, Dr.
Olivier Litzka from Andera Partners, Dr. Peter Neubeck from Kurma Partners,
Dr. Georgina Askeland from Hadean Ventures, and Dr. Varun Gupta from
Wellington Partners will join SciRhom's Board of Directors. The legal
advisor for the transaction and investor syndicate was the team of LUTZ |
ABEL led by Dr. Bernhard Noreisch.
Dr. Fei Tian, Principal at MIG Capital, comments on the new investment:
"SciRhom's impressive team has the vision to develop a treatment with the
potential to overcome the ceiling effect of current treatments in patients
with chronic, difficult-to-treat autoimmune diseases. This vision aligns
closely with our commitment to backing truly disruptive companies with
significant value creation and high impact. In addition, joining a group of
international life science investors in this oversubscribed round
strengthens support for SciRhom as it advances its first-in-class, novel
iRhom2-targeting antibodies into the clinic."
About SciRhom
At SciRhom, we are translating world-leading expertise in the TACE/ADAM17
pathway and its central role in autoimmunity and other indications into
breakthrough biopharmaceuticals. We are developing proprietary and
first-in-class iRhom2-targeting therapies and are accelerating our lead
antibody program SR-878 into and through clinical development. With strong
support from international lead investors Andera Partners, Kurma Partners,
Hadean Ventures, MIG Capital, Wellington Partners, as well as Bayern Kapital
and current shareholders, SciRhom aims to push the boundaries in autoimmune
medicine.
For further information, please visit www.SciRhom.com
About MIG Capital
MIG Capital is one of the leading German VC investors. Through its MIG
funds, MIG invests in young deep tech and life sciences companies in
German-speaking Europe and beyond. To date, the company has invested over
EUR730 million in more than 50 start-ups. MIG portfolio companies develop
innovations in areas including biopharmaceuticals, energy and environmental
technologies, advanced computing, digitalization / IoT, medical technology,
and digital health. The MIG investment portfolio currently consists of 33
companies.
MIG's investment team is made up of a dedicated group of engineers,
scientists, physicians, and entrepreneurs who use analytical and creative
processes to assess the risks and opportunities of business models and
technologies. Their reputation, experience, and network provide excellent
access to companies, institutions, and decision-makers to support the growth
of their portfolio companies.
In recent years, MIG Capital has realized more than ten successful portfolio
company sales, including Siltectra (to Infineon) and Hemovent (to
MicroPort). It has placed several companies on the stock exchange including
BRAIN, NFON, BioNTech and Immatics.
For further information, please visit: www.mig.ag, www.mig-fonds.de.
LinkedIn: MIG Capital
Contact
MIG Capital
Dr. Fei Tian, Principal
+49-89-94382680
info@mig.ag
Media Inquiries
MC Services
Dr. Cora Kaiser, Catherine Featherston, Dr. Johanna Kobler
+49-89-210228-0
migag@mc-services.eu
---------------------------------------------------------------------------
09.07.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS
News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The EQS Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com
---------------------------------------------------------------------------
1941653 09.07.2024 CET/CEST
SciRhom
EQS-News: MIG CAPITAL AG / Key word(s): Financing
MIG Capital co-leads EUR63 million Series A round for autoimmune biotech
SciRhom
09.07.2024 / 08:10 CET/CEST
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
MIG Capital co-leads EUR63 million Series A round for autoimmune biotech
SciRhom
* SciRhom will use the upsized and oversubscribed Series A financing to
drive its lead development program toward clinical proof-of-concept and
to broaden the therapeutic value of the proprietary iRhom2 strategy
* Financing led by top-tier international investor syndicate including MIG
Capital, Andera Partners, Kurma Partners, Hadean Ventures, and
Wellington Partners, with participation from new investor Bayern Kapital
and existing investors, among them High-Tech Gründerfonds and PhiFund
Ventures
Munich, 9 July 2024
MIG Capital, one of Germany's leading venture capital firms, announced today
that it is co-leading a EUR63 million ($ 70 million) Series A financing for
SciRhom GmbH, a bio-pharmaceutical company pioneering the development of
first-in-class therapeutic iRhom2 antibodies. The financing round was led by
an investor syndicate which, in addition to MIG Capital, includes new
investors Andera Partners, Kurma Partners, Hadean Ventures, and Wellington
Partners, with participation from new investor Bayern Kapital and existing
investors, among them High-Tech Gründerfonds (HTGF) and PhiFund Ventures.
The new funds will be used to accelerate and broaden the impact of the
company's innovative therapeutic strategy in autoimmune disorders. The first
clinical study evaluating SR-878, a highly specific monoclonal antibody for
iRhom2, is expected to start dosing in the second half of 2024.
SciRhom was founded with the mission to provide a new treatment paradigm for
autoimmune diseases and potentially other indications by selectively
addressing TACE/ADAM17, a master switch for various autoimmune
disease-relevant signaling pathways, via iRhom2. The SciRhom team
collaborated closely with co-founders Prof. Carl Blobel and the Hospital for
Special Surgery (HSS), the world's leading academic medical center
specialized in Rheumatology and musculoskeletal health, where Prof. Blobel
serves as Director of the Arthritis and Tissue Degeneration Program. He has
made seminal contributions to the understanding of how iRhom2 controls the
activity of TACE/ADAM17 in inflammation and autoimmune diseases. SciRhom
designed its most advanced development candidate SR-878 to simultaneously
block several pro-inflammatory and disease-driving pathways, including
TNF-alpha, IL-6R, and EGFR signaling, while preserving other vital functions
dependent on TACE/ADAM17. This unique ability to attack multiple cytokines
and to potentially promote immune tolerance through restoring beneficial
TNFR2 signaling and regulatory T-cell expansion promises to have a
transformative effect in patients across a wide range of autoimmune
diseases. Moreover, the selective targeting of iRhom2 is expected to have a
favorable safety profile.
"Since its foundation, SciRhom has applied rigorous science to establish a
leading position in iRhom2-targeting biopharmaceuticals including a
comprehensive IND/CTA-enabling data and CMC package and strong patent
protection. Now is the time to shift gears and accelerate our novel and
potentially groundbreaking therapeutic strategy towards clinical
proof-of-concept and beyond to reach patients in need of better autoimmune
treatments," commented Dr. Jens Ruhe, co-founder, Managing Director and COO
of SciRhom.
Based on positive preclinical data sets generated in vitro and in
established animal models of rheumatoid arthritis (RA) and inflammatory
bowel disease (IBD), SciRhom has advanced its first program to a Phase
1-ready stage. As announced on June 12th, 2024, the first CTA approval was
achieved paving the way for initiating a first clinical study in Austria in
the second half of 2024. The study aims to evaluate safety in healthy
volunteers and provide initial evidence of clinical activity in the second
part of the study.
Dr. Jan Poth, Managing Director and CEO of SciRhom, added: "We are excited
to have attracted such a high-caliber international consortium of investors
and appreciate our existing shareholders backing SciRhom in this crucial
period of its development. We look forward to collaborating with our new as
well as existing partners and board members to bring a differentiated
therapeutic option to patients and address the unmet medical need for much
more effective and safe treatments for autoimmune disorders."
In conjunction with this investment, Dr. Fei Tian from MIG Capital, Dr.
Olivier Litzka from Andera Partners, Dr. Peter Neubeck from Kurma Partners,
Dr. Georgina Askeland from Hadean Ventures, and Dr. Varun Gupta from
Wellington Partners will join SciRhom's Board of Directors. The legal
advisor for the transaction and investor syndicate was the team of LUTZ |
ABEL led by Dr. Bernhard Noreisch.
Dr. Fei Tian, Principal at MIG Capital, comments on the new investment:
"SciRhom's impressive team has the vision to develop a treatment with the
potential to overcome the ceiling effect of current treatments in patients
with chronic, difficult-to-treat autoimmune diseases. This vision aligns
closely with our commitment to backing truly disruptive companies with
significant value creation and high impact. In addition, joining a group of
international life science investors in this oversubscribed round
strengthens support for SciRhom as it advances its first-in-class, novel
iRhom2-targeting antibodies into the clinic."
About SciRhom
At SciRhom, we are translating world-leading expertise in the TACE/ADAM17
pathway and its central role in autoimmunity and other indications into
breakthrough biopharmaceuticals. We are developing proprietary and
first-in-class iRhom2-targeting therapies and are accelerating our lead
antibody program SR-878 into and through clinical development. With strong
support from international lead investors Andera Partners, Kurma Partners,
Hadean Ventures, MIG Capital, Wellington Partners, as well as Bayern Kapital
and current shareholders, SciRhom aims to push the boundaries in autoimmune
medicine.
For further information, please visit www.SciRhom.com
About MIG Capital
MIG Capital is one of the leading German VC investors. Through its MIG
funds, MIG invests in young deep tech and life sciences companies in
German-speaking Europe and beyond. To date, the company has invested over
EUR730 million in more than 50 start-ups. MIG portfolio companies develop
innovations in areas including biopharmaceuticals, energy and environmental
technologies, advanced computing, digitalization / IoT, medical technology,
and digital health. The MIG investment portfolio currently consists of 33
companies.
MIG's investment team is made up of a dedicated group of engineers,
scientists, physicians, and entrepreneurs who use analytical and creative
processes to assess the risks and opportunities of business models and
technologies. Their reputation, experience, and network provide excellent
access to companies, institutions, and decision-makers to support the growth
of their portfolio companies.
In recent years, MIG Capital has realized more than ten successful portfolio
company sales, including Siltectra (to Infineon) and Hemovent (to
MicroPort). It has placed several companies on the stock exchange including
BRAIN, NFON, BioNTech and Immatics.
For further information, please visit: www.mig.ag, www.mig-fonds.de.
LinkedIn: MIG Capital
Contact
MIG Capital
Dr. Fei Tian, Principal
+49-89-94382680
info@mig.ag
Media Inquiries
MC Services
Dr. Cora Kaiser, Catherine Featherston, Dr. Johanna Kobler
+49-89-210228-0
migag@mc-services.eu
---------------------------------------------------------------------------
09.07.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS
News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The EQS Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com
---------------------------------------------------------------------------
1941653 09.07.2024 CET/CEST
