Kither biotech, a Turin biopharmaceutical spin-off company focused on the development of novel therapies for rare respiratory diseases, has closed a $20.4 million (€18.5 million) Series B funding round.
Leading the financing round are new investors Claris Ventures and 2Invest, with participation from 3B future health fund and Alef 6. They are joined by existing investors Cdp Venture Capital, Italian angels for growth, Ersel, Club degli investitori, and Ace venture. That was announced in a note from the company which, at the same time, appointed Vincent Metzler as the new CEO.
Read more about the last financing round closed by the biotech company Kither Biotech and find other important financial news with the Born2Invest mobile app.
The objectives of the round
The capital raised will be used to fund the clinical development of Kither’s lead product (Kit2014), a novel cell-permeable peptide for the treatment of cystic fibrosis (CF) that modulates cyclic adenosine monophosphate (cAMP) levels within cells. Levels of cAMP are directly associated with the pathogenesis of cystic fibrosis, including mucus accumulation, inflammation, and bronchoconstriction. The drug is administered directly to the lungs as an inhaled therapy and is currently being developed as an adjunct to current standard therapy, allowing it to be more effective in reducing the most significant complaints of Fc patients. The company expects to complete preclinical studies in 2022 and begin a Phase 1/2a clinical trial soon thereafter.
The funding round also will allow Kither to begin expanding and diversifying its pipeline of products for the treatment of rare lung diseases. This will allow it to launch pre-clinical development of Kitcl27, a small molecule PI3K inhibitor acting as a pro-drug and developed as monotherapy for idiopathic pulmonary fibrosis.
The new corporate structure and comments
The transaction led to the appointment of Vincent Metzler as the new CEO, while the current Marco Kevin Malisani moves to the role of CFO and remains a member of the board of directors.
Vincent Metzler commented, “Kither is committed to the development of transformative therapies for patients with rare lung diseases. The fundraising marks a pivotal moment for the company as we advance our first product into the clinic and further expand our product pipeline. We are proud to have the support of this syndicate of high-quality investors as we move forward into our next phase of growth.”
Pietro Puglisi, managing partner of Claris Ventures, and Heikki Lanckriet, CEO of 4BaseBio, will sit on the company’s board of directors. The board of directors will be chaired by Laura Iris Ferro.
Pietro Puglisi and Hansjörg Plaggemars, CEO of 2Invest, said, “We are excited to support Kither Biotech as it prepares to enter the clinic with its lead candidate KIT2014. This is a very exciting time for the company and we welcome the appointment of Dr. Vincent Metzler, a highly experienced executive, as CEO. With its high-quality science, experienced management team, and strong investor syndicate, Kither Biotech is ideally positioned to accelerate the clinical development of its therapies to benefit millions of patients with rare respiratory diseases.”
Co-founder and CFO, Marco Kevin Malisani, enthused, “This funding round represents a transformational moment for Kither, further strengthening our shareholder base and management team. Starting as an academic spin-off from the University of Turin and Novara, we have been able to attract a number of established investors: this is a clear demonstration of our cutting-edge science. I am also pleased to welcome the appointment of Dr. Vincent Metzler as CEO: his extensive international pharmaceutical experience will be invaluable as we accelerate the development of our promising therapeutic candidates.”
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in StartupItalia, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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