Endeavor Secures $132M for Lung and ADC Drug Development

Endeavor BioMedicines, headquartered in San Diego, has successfully raised $132.5 million in a highly subscribed Series C funding round. This capital injection is intended to accelerate the development of its leading candidate for lung disease treatment and a new HER3-targeted antibody-drug conjugate (ADC), as the biotech company announced recently.

The funds will specifically support the advancement of ENV-101, designed to treat idiopathic pulmonary fibrosis (IPF) and progressive pulmonary fibrosis (PPF). Endeavor BioMedicines completed a Phase IIa clinical trial for ENV-101 in January 2024. Plans are in place to begin a Phase IIb trial later this year to further investigate the drug's efficacy.

Preliminary data from ENV-101’s trials indicate a promising potential to alter the disease's progression and yield treatment outcomes that exceed mere disease management for patients diagnosed with IPF. The biotech firm aims to present the comprehensive findings at an upcoming conference.

ENV-101 aims to combat the root causes of fibrosis by targeting the hedgehog signaling pathway, which plays a pivotal role in the accumulation of myofibroblasts responsible for the fibrotic condition.

In addition to ENV-101, Endeavor is advancing its anti-HER3 ADC, named ENV-501, intended for treating solid tumors. The company plans to commence a Phase I/II trial later this year. This program follows Endeavor's acquisition of exclusive global rights to the ADC from Hummingbird Biosciences, a deal valued at $430 million in upfront and milestone payments.

John Hood, CEO of Endeavor BioMedicines, expressed confidence in the company's momentum, the strengths of their team, and their robust financial support, all of which align to fulfill their mission to provide transformative therapies for patients in need.

The oversubscribed Series C round was spearheaded by AyurMaya, an affiliate of Matrix Capital Management, and saw participation from new investors including Fidelity Management & Research Company, Velosity Capital, Woodline Partners, Invus, and Symbiosis. The round also included contributions from existing investors like T. Rowe Price Associates, Ally Bridge Group, Avidity Partners, Eckuity Capital, and Omega Funds, among others.

Karan Takhar, Senior Managing Director at Matrix Capital, highlighted the disruptive potential of Endeavor's innovative drug candidates in addressing the fundamental mechanisms of severe, life-threatening diseases. Takhar expressed eagerness to work closely with Endeavor’s executive team and board members to support the company’s clinical progress as it aims for significant milestones in 2024 and beyond.

Endeavor BioMedicines was established in early 2021 and initially raised $62 million in a Series A funding round. In February 2022, the company secured an additional $101 million through a Series B round, reinforcing its financial foundation for continued research and development activities.