Candid Therapeutics Launches with $370M to Test Autoimmune Therapies

Candid Therapeutics, Inc., a biotechnology company focused on developing groundbreaking treatments for autoimmune diseases, has officially launched. The company aims to address autoimmune pathology by targeting B lymphocytes, a subset of immune cells that produce autoantibodies and contribute to autoimmune diseases through antigen presentation and cytokine release. By selectively depleting these B lymphocytes, Candid hopes to achieve unprecedented clinical efficacy in treating conditions like rheumatoid arthritis and myasthenia gravis.

Candid is pioneering T-cell engager (TCE) antibodies that specifically target B lymphocyte populations and aspires to be the first to bring such therapies to market. To accelerate its development, Candid has acquired Vignette Bio and TRC 2004 through a three-way merger and multi-step financing. This acquisition brings together two advanced bispecific TCEs: CND106 and CND261.

CND106 is a BCMAxCD3 bispecific antibody from Vignette Bio, a company originally founded by Foresite Labs. The drug candidate's ex-China rights were licensed from EpimAb Biotherapeutics. CND261 is a CD20xCD3 bispecific antibody from TRC 2004, a venture established through a collaboration between Two River and Third Rock Ventures, with ex-China rights licensed from Genor Biopharma. Both candidates have completed Phase 1 dose escalation studies involving over 130 oncology patients and show promise as best-in-class therapies for various autoimmune diseases.

The leadership team at Candid is composed of seasoned entrepreneurs with a track record of advancing early-stage ideas into commercially successful products. The team includes:

- Ken Song, MD, Chairman, President, and CEO, who has led multiple life science companies, contributing to over $5.5 billion in shareholder value. He previously guided RayzeBio from concept to Phase 3 clinical trials, culminating in a $4.1 billion sale to Bristol Myers Squibb.
- Timothy Lu, MD, PhD, Chief Medical and Scientific Officer, who played a key role in developing novel oral IL-17 drugs for autoimmune diseases at DICE Therapeutics, which was acquired by Eli Lilly.
- Bernie Huyghe, PhD, Chief Technology Officer, who has over 30 years of experience in biologics manufacturing and was previously in charge of two Phase 3 antibody programs at Viridian Therapeutics.
- Arvind Kush, Chief Financial and Business Officer, who transitioned from healthcare banking at Bank of America to CFO at RayzeBio, where he managed a successful IPO in September 2023.

In conjunction with the merger, Candid has raised over $370 million in capital. The financing was co-led by Venrock Healthcare Capital Partners, Fairmount, TCGX, and venBio Partners. Additional backing came from prominent healthcare investors like Foresite Capital, Third Rock Ventures, Fidelity Management & Research Company, Samsara BioCapital, Qiming Venture Partners USA, OrbiMed, Boxer Capital, Redmile Group, Vida Ventures, Two River, Franklin Templeton, LifeSci Venture Partners, Mirae Asset Capital Life Science, Polaris Innovation Fund, and Soleus Capital. This substantial investment underlines strong confidence in Candid's strategic vision and its potential to deliver first-in-class therapies for autoimmune diseases.

Dr. Ken Song expressed optimism about the future, stating that TCE antibodies hold significant promise as scalable and patient-friendly treatments for a range of autoimmune conditions. He believes that the therapies being developed at Candid could surpass the clinical and commercial success of existing treatments like Humira and Rituxan, fundamentally changing how autoimmune diseases are treated.

Candid Therapeutics is headquartered in San Diego, CA, and was established in 2024. The company is dedicated to advancing the treatment of immunological conditions through innovative therapeutic programs aimed at addressing significant unmet medical needs in immunology.

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