Citryll, a Dutch biotech that has largely flown under the radar for most of its nearly 10-year history, has patched together an €85 million Series B to test a monoclonal antibody in two inflammatory conditions.
The financing will help the Oss, Netherlands-based startup collect data by late 2026 or early 2027 in rheumatoid arthritis and hidradenitis suppurativa, CEO Eduardo Bravo told
Endpoints News
. The capital will keep the engine running at the 20-employee biotech until almost 2028, he said.
The data in these two inflammatory conditions, in which many patients still don’t get complete disease resolution with current medicines, will serve as the backbone for a potential M&A exit, Bravo said.
“The problem is that we have one compound today, so licensing is less of an option,” he said. “The idea and the main goal, if everything goes well and the data is as strong as it could be, would probably be exiting just through a sale of the company to a big pharma.”
Citryll already has the peripheral support of two pharma giants. Both Novartis and Johnson & Johnson’s corporate VC arms co-led the Series B alongside Dutch biotech investor
Forbion
, who has had a strong
track record
this year of portfolio drug developers getting snapped up by
pharma companies
.
J&J’s conviction on Citryll’s monoclonal antibody, dubbed CIT-013, helped catalyze other investors to come off the sidelines and support the company, Bravo said. The other new backer is Pureos Bioventures. Existing investors also took part, including BioGeneration Ventures, Seventure Partners, BOM, Curie Capital and Citryll’s founders.
Citryll hopes to be the first to target neutrophil extracellular traps, or NETs. The web-like structures have been
found to be implicated
in a variety of immune-mediated diseases. DNA, histones and antimicrobial proteins comprise the structures, the company said. Too much of the web and tissue can become damaged, chronic inflammation can flare up and other immune-mediated issues can go haywire.
“We’ve met companies that were very interested in the pathway, but never found a way of targeting it. And as always, there’s some skeptical that are not convinced that this is the right target to go against,” Bravo said. “But when you’re first-in-class with a new mechanism of action, you’re always going to find the believers and the skeptics.”
Bravo’s startup will move into a Europe-only Phase 2a trial in rheumatoid arthritis next year, testing whether CIT-013 is better than placebo on a primary endpoint known as DAS28, or a 28-joint disease activity score, the CEO said. A few months later, the biotech will then open a Phase 2a in hidradenitis suppurativa, with that trial being global in nature and including US sites, he added.
“A few years ago, HS was a complete unknown space,” Bravo said. “With the arrivals of the IL-17s, now suddenly there are many compounds that are being developed.”
Novartis’
Cosentyx
snagged the HS approval from the FDA last year, and UCB’s Bimzelx also recently
secured
the US green light.
“But they’re all IL-17s, which seems to be a very logical choice as well,” Bravo said, “but the same as with the RA compounds, that’s a single pathway, a single cytokine, and we believe that by targeting NETs, we have a wider mechanism of action.”
A slew of biopharmas are catching up in HS, too, including AbbVie, Incyte, Sanofi and
others
. Acelyrin’s work in the field is
in limbo
.
After RA and HS, and with the help of a pharma parent, Citryll could expand into multiple other disease areas, like respiratory, cardiovascular, gastrointestinal and others, Bravo said. If the initial data are clean, “this will become a certainly multibillion product,” the Citryll CEO said. “With a monoclonal antibody, [it is] very low CMC risk, very low risk in general, safety-wise, as well.”
Citryll is a spinout of ModiQuest, which itself was
acquired
by ImmunoPrecise Antibodies in 2018.