MBX Biosciences Secures $63.5M in Series C for PEP™ Platform Development

MBX Biosciences, Inc., a biopharmaceutical firm specializing in innovative peptide therapies for endocrine and metabolic disorders, has secured $63.5 million in Series C funding. The financing round was led by Deep Track Capital, with additional investments from Driehaus Capital Management and funds advised by T. Rowe Price Associates, Inc. Existing investors, including Frazier Life Sciences, OrbiMed, and Wellington Management, also participated, complementing MBX’s established investor base such as New Enterprise Associates, Norwest Venture Partners, and RA Capital Management.

Kent Hawryluk, President and CEO of MBX Biosciences, expressed satisfaction with the investment, highlighting it as a testament to their expertise in developing innovative therapies for endocrine and metabolic diseases through their Precision Endocrine Peptide™ (PEP™) platform. The new capital will facilitate the acceleration and expansion of clinical programs targeting hypoparathyroidism, post-bariatric hypoglycemia, and obesity, aiming to improve upon current treatment limitations and enhance patient care.

The funds are expected to sustain MBX operations into 2026, covering key data milestones from their clinical pipeline. Recently, the company initiated a Phase 2 clinical trial for MBX 2109, a parathyroid hormone peptide prodrug, in patients with hypoparathyroidism, with topline results anticipated by the third quarter of 2025. Additionally, MBX 1416, aimed at treating post-bariatric hypoglycemia, is undergoing a Phase 1 single and multiple ascending dose trial, expected to report results in the fourth quarter of 2024. MBX’s early-stage pipeline includes MBX 4291, a long-acting GLP-1/GIP receptor co-agonist prodrug in IND-enabling studies, targeting obesity and other metabolic diseases.

Gerard Smith, M.D., Managing Director at Deep Track Capital, praised MBX’s innovative approach in the endocrine and metabolic drug space. He noted the company's profound understanding of the therapeutic landscape and their ability to convert scientific discoveries from their peptide platform into promising drug candidates. Deep Track Capital looks forward to supporting MBX as they progress through significant upcoming milestones.

About MBX Biosciences:
MBX Biosciences, Inc., based in Carmel, Indiana, is dedicated to discovering and developing novel precision peptide therapies for treating endocrine and metabolic disorders. Founded by leaders in peptide drug design and development, MBX utilizes its proprietary Precision Endocrine Peptide™ (PEP™) platform to address the limitations of existing peptide therapies. The platform is designed to optimize pharmaceutical properties, ensuring extended action profiles, consistent drug concentrations, and reduced dosing frequency. MBX’s pipeline features several candidates targeting clinically validated endpoints and significant unmet medical needs, offering large market opportunities.

The company’s lead product, MBX 2109, is in Phase 2 development for chronic hypoparathyroidism. Another candidate, MBX 1416, is in Phase 1 development for post-bariatric hypoglycemia. Additionally, their obesity treatment portfolio includes MBX 4291 and multiple pre-clinical candidates.

MBX Biosciences is supported by leading life science investors, including Deep Track Capital, Driehaus Capital Management, Frazier Life Sciences, NEA, Norwest Venture Partners, OrbiMed, RA Capital Management, and funds advised by T. Rowe Price Associates, Inc. 

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