Star Therapeutics announced the closing of an oversubscribed $90 million Series C financing to continue growth of its first-in-class antibody therapies and portfolio companies.
According to San Francisco-based Star, proceeds from the financing will support clinical advancement of VGA039, a first-in-class antibody currently being developed by Vega Therapeutics, a Star portfolio company focused on underserved blood disorders. The treatment is being evaluated in a phase 1a/1b study for von Willebrand disease, an inherited bleeding disorder.
Proceeds will also be used to generate additional biotech companies focused on discovering and advancing novel antibody therapies, each targeting multiple diseases.
Star, founded in 2018, consists of a "constellation of companies" — two biotechs unveiled to date, with more on the way, says the company. The company’s approach starts with identifying multiple diseases that share a common biology and then discovering new therapeutics that can treat numerous diseases with a single therapy. Each startup will focus on a specific area of biology with first-in-class therapies.
The recent 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.
