Zenas locks down $200M to propel obexelimab through key immunology trials
Phase 1License out/inPhase 2Phase 3Immunotherapy
Zenas BioPharma on Tuesday announced the completion of an upsized $200 million series C financing that will help move its lead asset obexelimab through a series of mid- and late-stage trials across a range of autoimmune conditions. "This financing enables us to complete multiple potentially value-driving clinical programmes," commented CEO Lonnie Moulder.
The fundraise follows Zenas' $118-million series B in 2022. Proceeds of the latest round will primarily support development of obexelimab, a bifunctional monoclonal antibody designed to inhibit the activity of B-cells, plasmablasts, and CD19-expressing plasma cells involved in autoimmune diseases.
Phase III ongoing
At the forefront is the ongoing Phase III INDIGO trial, which got under way last year to evaluate obexelimab in patients with IgG4-related disease (IgG4-RD). In a mid-stage readout published last August in The Lancet Rheumatology, obexelimab produced "rapid, strong, and sustained" improvement, including complete remission, in most patients with active IgG4-RD.
"Obexelimab's mechanism of action and chronic dosing regimen may broadly and effectively address the pathogenic role of B-cell lineage in chronic autoimmune disease and has the potential to show greater clinical benefits, including over a longer course of maintenance treatment," Moulder told FirstWord.
Zenas also plans to start a pair of Phase II studies in multiple sclerosis and systemic lupus erythematosus "within several months," Moulder said. The company has an ongoing Phase II/III trial, dubbed SApHiAre, in warm autoimmune haemolytic anaemia as well. The CEO noted that preliminary results from INDIGO are expected by the end of 2025 and SApHiAre around the end of this year.
Investment from BMS
Bristol Myers Squibb last year struck an agreement to license the experimental bifunctional antibody in Japan, South Korea, Taiwan, Singapore, Hong Kong and Australia, making a $50-million upfront payment and an undisclosed equity investment. Obexelimab was originally developed by Xencor before Zenas secured worldwide rights to it in 2021 for up to $480 million.
Beyond obexelimab, Zenas is advancing other autoimmune pipeline candidates including an anti-TNFα antibody ZB002, which is in Phase I, and a preclinical CTLA4-Ig fusion protein dubbed ZB004. "We are considering partnership and collaboration opportunities for these two programmes," Moulder said.
The oversubscribed series C round was co-led by SR One, NEA, Norwest Venture Partners, and Delos Capital. Participation also came from Enavate Sciences and Longitude Capital, as well as new investors including the Federated Hermes Kaufmann Funds and Arrowmark Partners. Existing backers such as Fairmount, Wellington Management, Rock Springs Capital and Vivo Capital maintained their support.
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