Good Therapeutics’ Offshoot Bonum Launches with $93 Million in Series A
15 Nov 2022
AcquisitionImmunotherapy
Courtesy of Getty Images
Two months after selling an immuno-oncology platform developed by Good Therapeutics to Roche, founder John Mulligan launched Bonum Therapeutics Tuesday with $93 million in Series A financing.
Bonum was created to develop new drugs based on the proprietary platform of allosterically regulated, conditionally-active treatments developed by Good Therapeutics.
When Roche acquired Good Therapeutics earlier this year, the leadership team announced plans to form Bonum to continue developing the technology, but for other targets not included in the acquisition.
The decision to launch the new company was based on a belief the technology has broad potential and should be applied in new areas, Mulligan said in a statement.
“Bonum is fortunate to start with a proven technology, a supportive and knowledgeable investor syndicate, an experienced board of directors and a wealth of exciting projects,” Mulligan said in a prepared statement.
Bonum’s focus is on the regulation of cytokines, including IL-12, IFN-alpha and TGF-beta for immuno-oncology applications. Its technology is applicable to a wide range of therapeutic areas, including oncology, autoimmunity, metabolic disorders and pain management.
Bonum’s technology includes an antibody-binding domain that acts as a sensor, as well as a therapeutic domain, such as a cytokine. Advocates believe that when the sensor binds to its target, the molecule becomes active to deliver potent and efficacious activity.
In its announcement Tuesday morning, Bonum pointed to the Roche acquisition of Good Therapeutics and its PD-1-regulated IL-2 program as validation of the science.
While Roche snapped up Good Therapeutics and its assets, Bonum noted in its announcement it is looking for potential partners for application of its technology in other disease areas.
The spinout launches with the entire Good Therapeutics team. All investors who backed the predecessor company participated in Bonum’s Series A financing.
Supporters of the funding round include Rivervest Venture Partners, Roche Venture Fund, Digitalis Ventures, 3x5 Partners and Codon Capital. New investor Vivo Capital also joined the round. As part of the financing, Vivo’s Mitchell Mutz will join the board of directors at Bonum.
In August, Roche acquired Good Therapeutics for $250 million upfront plus potential milestone payments. Good’s lead asset was a preclinical IL-2 cytokine-based therapy targeting the PD-1 protein.
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