Allorion raises $50M Series B; AskBio gets a new CEO

10 Mar 2023
endpts.com
Executive ChangeGene TherapyIPO
Allorion Therapeutics has raised another $50 million in a Series B financing round to get Phase I/II clinical trials in both China and the US off the ground, the oncology and autoimmune disease-focused biotech announced Thursday. The biotech has raised $90 million since its beginning in 2020 with co-founders Peter Ding and Fang Li. Gregory Berk has also joined Allorion as CMO to design and oversee the trials and build out the clinical teams in the company’s locations in the US and China. But unlike when the company finished its Series A , Allorion has two small molecules in the IND stage: ARTS-011 and ARTS-021. ARTS-011 is an allosteric inhibitor used to treat autoimmune diseases such as psoriasis and lupus, and ARTS-021 is a CDK2 isoform selective inhibitor for treatment of solid tumors like ovarian, endometrial, and breast cancer. The Series B funding will also be used to push more candidates forward as well as an allosteric inhibitor screening platform and a synthetic lethality targets and molecules discovery platform. INCE Capital and Qiming Venture Partners co-led the round. Gustavo Pesquin is joining gene therapy company AskBio as the CEO, leaving his position as chief commercial officer at Amneal Pharmaceuticals. Co-founder and CEO Sheila Mikhail will stay on part time, however, as co-founder and advisor. She’ll also remain a member of the company’s board, AskBio announced Thursday. Pesquin worked for a decade at Sanofi as North American head for general medicines as well as global head of the diabetes and cardiovascular franchise. He also had leadership roles at Abbott and Pfizer. “I think we have the opportunity to help patients in a way that was unthinkable not long ago,” Pesquin said in a statement. Mikhail became CEO in 2017. She led the company through the IND process for six potential therapeutics, acquisitions and leadership hires . AskBio, a subsidiary of Bayer AG, develops neuromuscular, central nervous system, cardiovascular and metabolic disease therapies.
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