David Epstein Secures $140M for Ottimo's Dual PD-1xVEGF Approach

David Epstein, a seasoned executive with a history of retiring and returning to the industry, recently resumed his role as CEO and chair of Ottimo Pharma, a preclinical biotech firm focusing on innovative approaches in oncology. Ottimo Pharma, operating in stealth mode until recently, captured significant investor interest, securing a substantial $140 million Series A funding round. This financial boost, finalized in late October and co-led by OrbiMed, Avoro Capital, and Samsara BioCapital, is anticipated to sustain the company through early 2027.

Under Epstein's leadership, Ottimo is set to venture into the promising field of bifunctional antibodies with plans to file an Investigational New Drug (IND) application for its PD-1xVEGFR2 antibody in late 2025. This antibody, known as jankistomig, will be the focus of a comprehensive Phase 1/2a clinical study involving 250 to 300 patients with solid tumors. The study will assess jankistomig both as a standalone treatment and in combination with chemotherapies and antibody-drug conjugates (ADCs), an area where Epstein has considerable expertise, having previously led Seagen's successful $43 billion acquisition by Pfizer.

The emergence of Ottimo comes at a time when the PD-1xVEGF domain is attracting intense attention from the medical community, investors, and pharmaceutical companies. This interest was sparked by Summit Therapeutics and Akeso's announcement that their investigational drug surpassed Merck's widely used Keytruda. Recent industry moves include BioNTech's acquisition of its Chinese partner Biotheus and Merck's licensing of a comparable medication from Shanghai-based LaNova.

Despite the buzz around bispecific antibodies, Ottimo is differentiating itself by focusing on a bifunctional antibody. According to Epstein, this approach sets Ottimo apart from the numerous similar drugs being developed by competitors like Summit and Akeso. The unique binding mechanism of Ottimo's bifunctional antibody allows it to remain effective regardless of VEGF levels in cancer patients, potentially offering improved tumor targeting and reduced systemic toxicity.

Ottimo's innovative molecule was conceived by Jonny Finlay in 2019, who collaborated with European investment firm Medicxi to initiate research and development. Epstein praises the design of the drug, highlighting its potential to be a first-in-class treatment. The company is also testing various formulations, including intravenous and under-the-skin options.

While Ottimo currently has no direct competitors developing similar bifunctional antibodies, Epstein acknowledges the possibility of others entering the field, given the rapid pace of innovation in today's world. The challenge lies in the complexity of creating such antibodies, but the potential for competitors to quickly replicate successful models remains.

Ottimo's board of directors includes notable figures such as OrbiMed's Peter Thompson, Avoro's Mark Chin, and Samsara's Srini Akkaraju. The company's investor base is diverse, featuring Medicxi, RTW Investments, Decheng Capital, Janus Henderson, JP Morgan Life Sciences Private Capital, and Invus.

Looking ahead, Epstein foresees the possibility of another merger or acquisition before he retires once more. Ottimo, operating with a virtual workforce in both London and the United States, plans to advance jankistomig through Phase 1/2a trials before seeking external collaboration for large-scale Phase 3 trials and commercialization. Epstein believes partnering with or being acquired by a pharmaceutical company would provide the necessary resources and capabilities to achieve these goals.