Atavistik Bio Raises $40 Million in Series B Extension
Atavistik Bio, a biotechnology company based in Cambridge, Massachusetts, announced it has secured $40 million in a Series B extension funding round. The round was led by RA Capital Management, with participation from Nextech Invest, The Column Group, Lux Capital, and Regeneron Ventures. This extension brings the total funds raised in the Series B round to $160 million.
Company Focus
Atavistik Bio is dedicated to discovering transformative allosteric precision therapeutics aimed at addressing serious unmet patient needs. The company’s innovative approach involves unlocking hidden functional pockets in proteins to develop selective allosteric drugs.
Use of Funds
The newly raised funds will primarily support the clinical development of two key programs. Firstly, Atavistik Bio plans to advance ATV-1601, an oral allosteric AKT1-selective inhibitor aimed at treating Hereditary Hemorrhagic Telangiectasia (HHT). Secondly, the company will progress its JAK2 V617F mutant-selective inhibitor program, targeting myeloproliferative neoplasms (MPNs), through clinical proof of concept.
Lead Investor and Syndicate
RA Capital Management led the Series B extension, joining a syndicate of existing investors. This group of investors underscores the confidence in Atavistik Bio’s scientific approach and potential to deliver new therapeutic options in areas with significant unmet medical needs.
Strategic Plans
With the infusion of capital, Atavistik Bio is set to advance its pipeline of allosteric precision therapeutics. By focusing on selective allosteric drugs, the company aims to provide more effective treatments for conditions that currently lack adequate therapeutic options.
This funding round marks a significant milestone for Atavistik Bio as it continues to push forward in the biopharmaceutical landscape, aiming to bring innovative solutions to patients with unmet medical needs.