Massachusetts-based biotech company Q32 has closed its $60 million Series B round of funding. The round was co-led by OrbiMed Advisors and Acorn Bioventures. The Series B round investors included Osage University Partners, Atlas Venture, Abingworth, Sanofi Ventures, CU Healthcare Innovation Fund and Children’s Hospital Colorado Center for Innovation.
Q32 is developing biologic therapeutics to restore healthy immune regulation. The company says that the fresh funding will be supporting the advancement of ADX-914 through demonstration of proof-of-mechanism and propel the company’s groundbreaking tissue-targeted complement regulation platform. The ADX-097 is the first fusion protein developed by the company’s complement platform. It is expected to enter Phase 1 in the fourth quarter of 2021.
“The closing of our Series B financing and entry into the clinic are pivotal milestones for Q32 Bio,” said Michael Broxson, CEO of Q32 Bio. “The initiation of the Phase 1 trial for ADX-914 represents an important achievement and a significant step toward bringing a powerful new treatment option to patients with autoimmune disease. We expect to continue to make major advances over the coming year as we move ADX-097 into the clinic.”
As part of Series B, Isaac Manke (Acorn Bioventures) and Diyong Xu (OrbiMed Advisors) will join the Q32 Bio Board of Directors.