Star Therapeutics raises $90 million financing to accelerate its pipeline of novel antibody therapies and growth of its portfolio companies
- Star’s innovation engine has driven rapid advancement of internally discovered first‑in‑class antibody therapeutics into the clinic, attracting leading life sciences investors
- Financing supports Vega Therapeutics, a clinical stage company focused on underserved blood disorders, as well as the advancement of additional companies in Star’s portfolio
SOUTH SAN FRANCISCO, CA, September 5, 2023 – Star Therapeutics, a biotechnology company interrogating novel biology to develop life-changing therapies, today announced the closing of an oversubscribed $90 million Series C financing to continue growth of its first-in-class antibody therapies and portfolio companies. The financing was led by Sofinnova Investments, and included new investors Qatar Investment Authority, Catalio Capital Management, Agent Capital, Soleus Capital, and NYBC Ventures, as well as participation by all existing investors including Westlake Village BioPartners, OrbiMed, Redmile Group, RA Capital Management, New Leaf Venture Partners, Cormorant Asset Management, and Cowen Healthcare Investments. Including this Series C round, Star Therapeutics has raised over $190 million since inception to create numerous portfolio companies.
Proceeds from the financing will support clinical advancement of VGA039, a first-in-class antibody currently being evaluated in a Phase 1a/1b study for von Willebrand disease. This novel therapy is being developed by Vega Therapeutics, a Star portfolio company focused on underserved blood disorders. Proceeds will also be used to continue Star’s approach as an innovation engine to generate additional biotech companies focused on discovering and advancing novel antibody therapies, each targeting multiple diseases.
“Our outstanding syndicate of seasoned life sciences investors is ideally suited to support our growth and mission to develop life-changing therapies for as many patients as possible, building on our success to date with novel therapeutic approaches in hematology and immunology,” said Adam Rosenthal, PhD, Chief Executive Officer and Founder of Star Therapeutics. “To date, we have unveiled two biotech companies that have rapidly advanced antibodies from idea stage to the clinic, and we aim to replicate this success with additional biotech companies in the Star portfolio.”
Concurrent with this financing, the Board will consist of Beth Seidenberg, MD, Founding Managing Director at Westlake Village BioPartners; Carl Gordon, PhD, Managing Partner at OrbiMed; Amrit Nagpal, Managing Director at Redmile Group, Maha Katabi, PhD, General Partner at Sofinnova Investments; Nancy Stagliano, PhD, Executive Board Chair; and Adam Rosenthal, PhD, CEO and Founder of Star. Star’s Board observers include Vijay Lathi, Founding Managing Director at New Leaf Venture Partners and Matt Hammond, PhD, Principal at RA Capital Management.
“We are very excited about the opportunities on the horizon for Star and extremely confident in the Star team, which has demonstrated the ability to generate impactful medicines and advance them rapidly and efficiently into the clinic,” said Maha Katabi, PhD, General Partner at Sofinnova Investments. “VGA039 is a prime example of a novel antibody therapy with the potential to address significant unmet needs and transform treatment for patients. We look forward to supporting Star as it continues to be an innovation engine for transformative therapies.”
About Star Therapeutics
Star Therapeutics is a biotechnology company that interrogates areas of novel biology to develop life-changing therapies for as many patients as possible, initially addressing unmet needs in hematology and immunology. The company’s engine for innovation starts with identifying multiple diseases that share a common biology and then discovering novel therapeutics that can treat numerous diseases with a single therapy. Star consists of a constellation of companies, each focused on a specific area of biology with first-in-class therapies. Star is backed by leading life sciences investors and located in South San Francisco. For more information, please visit Star Therapeutics and follow us on Twitter @STAR_Biotech and LinkedIn.
Kathryn Morris, The Yates Network LLC