UK-based biotech company OMass Therapeutics has raised €275 million (£230 million) in an oversubscribed Series C funding round. The company is developing small-molecule medicines that target specific biological systems involved in diseases.
The funding round was co-led by new investors Bain Capital Life Sciences, Forbion and Novo Holdings. Other investors included Janus Henderson Investors, SV Health Investors and Jefferson Life Sciences. All of the company’s existing investors also took part, including Syncona, Oxford Science Enterprises, GV, Northpond Ventures, Sanofi Ventures, British Business Bank and the University of Oxford.
“This financing comes at an exciting point in OMass’ evolution as we advance OMS1620 into the clinic, with our SLC15A4 inhibitor poised to follow,” says Ros Deegan, Chief Executive Officer of OMass Therapeutics. “We have demonstrated the ability of our team and approach to discover and deliver a pipeline of first- and best-in-class programmes in endocrinology and immunology into the clinic. With the backing of an outstanding group of new and existing investors, we are entering our next phase of growth with the resources to translate that progress into a portfolio of clinically differentiated medicines for patients.”
“OMass leverages an experienced team and a clear vision for building a leading therapeutics company that translates complex biology into differentiated medicines for patients with significant unmet needs,” adds Evan Greif, Principal at Bain Capital Life Sciences.
“The Company is executing against that vision by advancing OMS1620 and applying its proprietary discovery approach to build a broader pipeline across endocrinology and immunology. We see meaningful potential for OMS1620 to improve the treatment for patients with CAH and look forward to partnering with Ros and the team to support the Company’s strategic and patient-first approach.”
Founded in 2016, OMass Therapeutics spun out of Professor Dame Carol Robinson’s research lab at the University of Oxford. The company aims to develop new small-molecule medicines that target biological systems that have been difficult to treat with traditional drug discovery methods.
OMass Therapeutics has developed its own drug discovery platform, called OdyssION. It combines advanced mass spectrometry, new biochemical methods and specialised chemistry to help researchers study drug targets in detail.
The OdyssION platform studies drug targets in their natural biological environment. This helps OMass understand how these targets work and identify potential medicines, while combining the accuracy of laboratory-based testing with insights into how biological systems function inside cells.
“We are pleased to join a premier investor syndicate supporting OMass as the Company advances its breakthrough programs into the clinic,” says Max Klement, Partner, Venture Investments at Novo Holdings. “Each of these candidates has the potential to address substantial unmet patient needs in their respective areas of endocrinology and immunology, and we look forward to the Company’s continuing progress.”
The funding will also help OMass Therapeutics advance its early-stage drug research, including collecting initial clinical data for a potential first-of-its-kind treatment targeting SLC15A4. The treatment is being developed for lupus and other diseases linked to excessive interferon production and harmful activation of B cells in the immune system.
