San Diego’s Escient Pharmaceuticals said this week that it landed a $120 million investment to push forward two first-in-class small molecule therapies for treating a broad range of neurosensory-inflammatory disorders associated with chronic diseases.
The 42-employee biotech firm managed to raise capital despite a slowdown in venture dollars flowing to startups in today’s uncertain economic environment.
“We are thrilled with the support from both existing and new investors, and this significant financing puts us in a great position to advance our pipeline to clinical proof-of-concept in multiple indications,” said Chief Executive Joshua Grass in a statement.
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The financing, announced Monday, was co-led by New Enterprise Associates, Abingworth and Forge Life Science Partners — with additional new investors Avego, PFM Health Sciences and The Eleven Fund participating.
Existing investors also joined the round, including The Column Group, 5AM Ventures, Redmile Group, Cowen Healthcare Investments, Sanofi Ventures, Osage University Partners and Altitude Life Science Ventures.
Founded in 2017 by Marcus Boehm, former co-founder of Receptos, and Alain Baron, former head of research at Amylin, Escient Pharmaceuticals had raised $117 million in two rounds of funding before this latest influx of capital.
Escient’s therapies target specific cell surface receptors expressed in certain kinds of cells — including immune cells prevalent in key barrier tissues in the skin, airways and gastrointestinal tract. They are involved in neuro-immune over-activation, which can occur in many chronic disorders, causing swelling, pain, itching and other problems.
The company aims to develop oral medications to treat these neuro-immune ailments without the serious side effects that can occur with other approaches, said Grass.
The company is currently focused on two drug candidates in its pipeline. The first recently started a Phase 2 study for cholestatic pruritus — which is itching associated with liver disease that can result in poor sleep, depression and increased mortality.
The second therapy candidate targets chronic spontaneous urticaria, chronic inducible urticaria and atopic dermatitis — which involve hives, welts, swelling, pain and itching that are linked to various conditions.
The company expects to begin a Phase 1 study on this second therapy in early 2023.
This content was originally published here.
