Capstan Secures $175M Oversubscribed Series B with Backing from J&J, Bayer and BMS
21 Mar 2024
ImmunotherapyCell Therapy
Pictured: Illustration of T cells attacking cancer/iStock, Design Cells
San Diego-based biotech Capstan Therapeutics has raised $175 million in an oversubscribed Series B funding round to move its in vivo CAR-T cell candidate forward.
Capstan, named one of BioSpace’s Top Life Science Startups to watch in 2023, is focused on developing the in vivo reprogramming of cells through RNA delivery and using targeted lipid nanoparticles. The Series B financing was led by RA Captial Management and had participation from new investors such as Forbion, Johnson & Johnson Innovation, Mubadala Capital, Sofinnova Investments and Perceptive Advisors.
Existing investors also contributed to the fundraise, which included Bristol Myers Squibb, Eli Lilly, Pfizer Ventures, Novartis Venture Fund, Leaps by Bayer, Alexandria Venture Investments, Polaris Partners and Vida Ventures.
Capstan said the funds will go towards advancing its CPTX2309 candidate, an in vivo CAR-T cell aimed at treating autoimmune disorders, which is progressing to an early clinical proof-of-concept. Funding will also go towards developing the biotech’s pipeline.
The CPTX2309 candidate is meant to deliver an mRNA payload encoded for an anti-CD19 CAR to CD8-expressing T cells. The goal of Capstan’s approach is to have a “reset” of the immune system through B cell depletion in the blood and lymphoid tissues.
“Our conviction in Capstan is a result of the confluence of a differentiated platform technology that enables efficient T cell engineering, the platform’s ideal application in a large autoimmune market being disrupted by ex vivo CAR-T therapy, and a seasoned management team that is working tirelessly to advance this technology into patients,” Nandita Shangari, managing director at RA Capital Management, said in a statement.
The company initially launched in 2022 with $165 million and published the details behind its scientific methods in Science. The company earned a place on BioSpace’s list of startups to watch last year due to a combination of its delivery platform and investments from several major pharma companies’ venture arms. It also showed potential in preclinical studies against a fibrosis-related target.
Capstan is not the only biotech to announce Series B funding this week. Engrail Therapeutics, also based in San Diego, closed a $157 million oversubscribed Series B Tuesday. The funding will be used to support the development of therapeutics to treat anxiety disorders and rare neurodegenerative diseases, among other targets.
Tyler Patchen is a staff writer at BioSpace. You can reach him at tyler.patchen@biospace.com. Follow him on LinkedIn.
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