Augustine Therapeutics Secures EUR 17 Million in Series A to Advance Neurological Drug Development

Augustine Therapeutics, a Belgian biotech firm, has secured EUR 17 million (USD 18.5 million) in their Series A round of funding. This initial closing was spearheaded by Asabys Partners, attracting contributions from notable entities such as Eli Lilly and Company and the Charcot-Marie-Tooth Research Foundation based in the United States. Existing investors including AdBio partners, V-Bio Ventures, PMV, VIB, and Gemma Frisius Fund also joined in this funding round.

The company is at the forefront of developing innovative treatments for neurodegenerative and cardiometabolic diseases. Specifically, Augustine Therapeutics is focusing on creating advanced, potent, and subtype-selective inhibitors of the cytosolic Histone DeACetylase 6 (HDAC6) enzyme. HDAC6 is recognized for its significant role in neurological disorders and its potential for treating cardiometabolic diseases. The inhibition of HDAC6 has been shown to protect and regenerate axonal structures by enhancing the efficiency of internal axonal transport. Augustine's HDAC6 inhibitors represent a new generation of compounds that are both chemically distinct and superior to the first generation of hydroxamate-based inhibitors. These inhibitors aim to address neuromuscular diseases such as Charcot-Marie-Tooth (CMT), chemotherapy-induced peripheral neuropathies (CIPN), and neurodegenerative diseases like Amyotrophic Lateral Sclerosis (ALS).

The newly acquired funds will be utilized to propel Augustine’s lead candidate, AGT100216, into a Phase 1/2 clinical trial by 2025. AGT100216 is a highly selective and peripherally restricted small molecule HDAC6 inhibitor with a novel mechanism of action, promising significant potential in treating CMT and CIPN. The financing will also support the development of Augustine's drug pipeline, which includes next-generation drug candidates with specialized properties for cardiometabolic and neurodegenerative diseases. Additionally, the funds will enable the expansion of Augustine’s executive and research and development teams.

Sylvain Celanire, CEO of Augustine Therapeutics, emphasized the value of this funding round, stating, “The support from both new and existing investors in this first closing is a reflection of the tremendous efforts and scientific excellence of our team in advancing a unique pipeline of potential breakthrough therapeutics for patients.” He further highlighted the unique properties of their HDAC6 inhibitors designed to provide substantial benefits for patients with neurodegenerative and cardiometabolic diseases. Celanire also noted the impressive preclinical efficacy of AGT100216 in CMT studies, underscoring its ability to halt disease progression, reverse the disease phenotype, and rescue axonal integrity in a dose-dependent manner.

Clara Campàs, Founding and Managing Partner at Asabys Partners, expressed enthusiasm about Augustine’s novel molecules, citing their unique, selective, and potent nature as a competitive advantage in modulating a validated target with broad therapeutic potential. She highlighted the unprecedented nature of Augustine’s HDAC6 inhibitors and their potential to overcome the typical limitations faced by other HDAC6 inhibitors currently in early clinical development.

In addition to the funding, Augustine Therapeutics has announced the appointment of Gerhard Koenig as the Executive Chairman of its Board of Directors. Koenig has been a Non-Executive Director on the Board since May 2022 and currently serves as CEO and Founder of Arkuda Therapeutics, a Boston-based biotech focused on enhancing lysosomal function in neurodegenerative diseases. His extensive experience in the biotech field is expected to bring valuable insights to Augustine’s strategic direction.