Antag Therapeutics, a seven-year-old Danish startup investigating a hotly debated approach to treating obesity, has raised 80 million euros, or about $84 million, to advance its first weight loss drug into clinical testing.Announced Wednesday, the Series A round will support dosing studies of Antags lead experimental drug, AT-7687, along with combination trials involving Novo Nordisks obesity treatment Wegovy, CEO Alexander Hovard Sparre-Ulrich said in an interview.Versant Ventures led the round and was joined by Novo Holdings, which provided seed investment, SR One, Pictet, entities associated with KKR and Broadview Ventures, and the Export and Investment Fund of Denmark.The round is Versants third investment in an obesity-focused company this year, following the firms funding of Pep2Tango Therapeutics and SixPeaks Bio.Antag is studying inhibition of a gut hormone called GIP, which along with the more well-known GLP-1 guides post-meal metabolism and serves as a regulator of blood sugar, energy balance and lipid levels. The companys science is built upon the research of its cofounders, University of Copenhagen professors Jens Holst, credited as a co-discoverer of GLP-1, and Mette Rosenkilde, who together identified a GIP antagonist produced by the body.GIP is one of the two targets of Eli Lillys obesity drug Zepbound. However, Zepbound activates GIP, while AT-7607, a weekly injection, blocks it. Which approach is best is still up for debate, as evidence supports both. Some scientists have hypothesized GIP stimulation is effective because it desensitizes the protein on pancreatic cells that receives the hormone, effectively deactivating the protein the same way a drug that blocks it would.Combining a GIP-targeting agent with GLP-1 appears to be a better approach than GLP-1 alone. On Wednesday, Lilly announced summary results of its SURMOUNT-5 trial, showing that people who took Zepbound lost more weight than those who took Wegovy.While drug developers and biotech investors have been watching Zepbound, theyve also been monitoring a potential competitor in Amgens maridebart cafraglutide, or MariTide, which has GIP-blocking component as well as a GLP-1 targeting one. MariTide helped people with obesity lose up to 20% of their body weight over a year in a Phase 2 trial, which fell just shy of investors high expectations.Versant Ventures Managing Director Alex MaywegPermission granted by Antag TherapeuticsAt the top line, you do see very nicely the [GIP] effects that make the profile look different than a GLP-1 alone, said Alex Mayweg, managing director at Versant and an Antag board member, of the MariTide data.As a GIP-blocking peptide mimicking one created by the body, AT-7607 may have fewer side effects like nausea and vomiting that are common with currently marketed drugs.We see great cardiometabolic effects, but we don't have the tolerability issue that we need to think about as we [dose]. So that really gives us flexibility in combining with both current and future therapies, Sparre-Ulrich said.While AT-7607 trails many experimental obesity drugs, Mayweg believes theres room for several agents in a market that could include many tens of millions of people seeking treatment, some of whom will self-pay for drugs.The impact of the GLP-1 [drugs] has been phenomenal. But we're also seeing a couple of aspects where you can do better, such as tolerability or lean mass preservation, he said. That really requires additional mechanisms that are validated. We believe that [GIP] is particularly interesting given that it is anchored in human genetics to inhibit it. '