Another autoimmune biotech emerged on Tuesday morning with a $100 million Series A.
Navigator Medicines launched with a license to a Phase 1 bispecific antibody and a pipeline of other assets from Korea-based IMBiologics, which was founded in 2020 and raised approximately $15 million in a Series B last year.
RA Capital and Dutch investment firm Forbion co-led the Series A for New Jersey-based Navigator. The biotech paid $20 million upfront and could dish out up to another $925 million in biobucks for the in-licensed assets, according to the deal disclosure in June.
The lead asset, named NAV-240, is a bispecific against OX40L and TNFα, which are well-known targets that drum up inflammation and are the culprit of many autoimmune diseases. The company also has access to a portfolio of OX40L-targeted programs from IMBiologics.
The startup thinks that targeting both at once will be better than going after them individually. Humira, one of the best-selling drugs of all time, is an anti-TNF drug used for a laundry list of indications. Sanofi, Amgen, Apogee Therapeutics and others are working on OX40 programs, some of which go after more than just that target.
Navigator said little about its leadership team other than noting the hiring of chief medical officer Dana McClintock, who was previously in the same post at food allergy biotech Alladapt Immunotherapeutics. RA managing director Andrew Levin and Forbion general partner Wouter Joustra are Navigator’s board members.
“We look forward to initiating additional clinical studies with NAV-240 in the coming months and delivering on our commitment to innovation that enhances patient care,” McClintock said in a statement.
The biotech was founded this year and is a subsidiary of Sera Medicines, a holding company formed last October and majority-held by RA Capital. It’s also been involved with Tenet Medicines, another autoimmune biotech that was acquired by Eliem Therapeutics this spring. Sera is led by Stephen Thomas, who also co-founded and led Tenet. Before that, he was chief scientific officer at ValenzaBio, an autoimmune biotech acquired by Acelyrin.