Type of information: Series A financing round
Company: 89Bio (USA - CA)
Investors: OrbiMed (USA - NY) Longitude Capital (USA - CA) RA Capital Management (USA - MA) Pontifax (Israel)
Amount: $60 million
Funding type: series A financing round
- 89Bio is a privately held biopharmaceutical company focused on nonalcoholic steatohepatitis (NASH) and other liver and metabolic disorders. The funding will be used to advance the company's pipeline of biologic and small molecule drug candidates acquired from Teva Pharmaceutical Industries
- 89Bio's lead candidate for the treatment of NASH is BIO89-100 (formerly TEV-47948). Currently in Phase 1, BIO89-100 is a novel long-acting glycopegylated fibroblast growth factor 21 (FGF21) analogue that was developed using a proprietary glycopegylation technology to prolong the half-life and optimize the biological activity of native FGF21.
- In preclinical studies BIO89-100 demonstrated a long half-life, potentially enabling extended-interval dosing, and significant improvements in biomarkers such as body weight, blood glucose, and lipids. 89Bio also has an undisclosed preclinical compound with potential utility in the treatment of NASH and other related disorders.
- 89Bio is headquartered in San Francisco with R&D and operations in Herzliya, Israel.
- • On October 25, 2018, 89Bio announced it has closed a $60 million Series A financing. The investment round was led by OrbiMed Israel, OrbiMed US, and Longitude Capital and joined by RA Capital Management and Pontifax. OrbiMed Israel and OrbiMed US founded 89Bio.
- OrbiMed is represented by Anat Naschitz, Managing Director and Steve Squinto, Venture Partner and seasoned biotech executive; Longitude is represented by Greg Grunberg, MD, Managing Director; RA is represented by Derek DiRocco and Pontifax by Tomer Kariv. Rohan Palekar joins as CEO.
Therapeutic area: Hepatic diseases - Liver diseases