Orbis raises $94m for oral biologics development

Denmark-based biotechnology company Orbis Medicines has successfully secured €90 million ($94 million) in a Series A funding round. This significant investment is aimed at accelerating the development of their innovative line of orally dosable macrocycle drugs, known as ⁿCycles. The fundraising efforts were spearheaded by New Enterprise Associates (NEA), with additional contributions from new investors such as Eli Lilly, Cormorant, and the Export and Investment Fund of Denmark.

Founded in February 2024, Orbis Medicines initially garnered $28 million (€26 million) in seed funding from Novo Holdings and Forbion. The company's primary objective is to create oral alternatives to injectable biologic drugs, targeting chronic diseases as a key focus area. According to Orbis CEO Morten Graugaard, their work is centered on overcoming the historical challenges associated with macrocycles, which are large ring-like compounds made from amino acids or other building blocks. These compounds possess significant therapeutic potential due to their ability to selectively bind to biological targets, such as the immunosuppressant cyclosporine and the antibiotic erythromycin. However, issues with stability, absorption, and bioavailability have historically hindered their development into oral medications.

Orbis Medicines is initially concentrating on programs directed at targets already validated by popular biologic drugs. This approach aims to provide oral alternatives for patients who may prefer taking pills over injections or intravenous infusions. In September 2024, Orbis announced a research collaboration with Vivtex, leveraging its gastrointestinal robotic interface system (GI-ORIS). This platform is designed to evaluate gut permeability, a crucial factor in determining the oral bioavailability of Orbis’ ⁿCycles portfolio. The following month, the company expanded its operations and capabilities by joining Symbion’s new biotech startup hub in Fuglebakken, Copenhagen.

The field of macrocycle drugs is gaining traction in the pharmaceutical industry. For instance, MSD (Merck & Co., Inc.) is in the late stages of clinical development for a macrocyclic peptide drug, MK-0616 (enlicitide decanoate), aimed at treating hypercholesterolemia. This candidate is undergoing multiple Phase III studies and, if approved, is projected to generate $1.5 billion by 2030, according to GlobalData.

Further showcasing its interest in macrocycle drugs, MSD entered into a $220 million agreement with Unnatural Products (UNP), a biotech company focusing on macrocyclic candidates through artificial intelligence. Other companies, such as Circle Pharma, are also making headway in the field. Circle Pharma raised $54 million in a Series D funding round in July 2024 and signed a deal with Boehringer Ingelheim in October.

CEO Morten Graugaard expressed enthusiasm about advancing this new class of drugs for patients, emphasizing Orbis’ strategic focus on rapid value creation through its unique ⁿGen platform. The company is poised to make significant progress in developing oral macrocycle drugs, potentially transforming treatment options for patients who prefer non-invasive therapy methods.