Lead program, APG777, a novel
subcutaneous half-life extended anti-IL-13 antibody, discovered by
Paragon, enters first-in-human clinical trial
Apogee Therapeutics' recently announced
upsized IPO further demonstrates the value of best-in-class
antibodies for immunological and inflammatory disorders
Mark McKenna,
former Chairman, President & CEO of Prometheus Biosciences,
joins Apogee as Chairman of the Board of Directors
WALTHAM,
Mass., Aug. 29, 2023 /PRNewswire/ -- Paragon
Therapeutics, Inc., a biotechnology company dedicated to
discovering and developing best-in-class biologics for a range of
diseases with high unmet need, today announced the achievement of
key milestones by its first spinout company, Apogee Therapeutics
(Nasdaq: APGE).
Apogee recently announced upsizing of its initial public
offering (IPO) with aggregate proceeds of $345 million, followed shortly by the initiation
of the first-in-human clinical study of its lead asset, APG777—a
potentially best-in-class biologic discovered by Paragon—in
development for the treatment of moderate-to-severe atopic
dermatitis (AD) and other inflammatory diseases.
In preclinical studies, APG777 has demonstrated similar potency
to current therapies, with a significantly longer half-life that
could enable less frequent dosing. First-generation anti-IL-13
antibodies are dosed every two to four weeks. Extended biologic
half-life can reduce dosing to once every two or three months—a
potentially transformative change in the standard of care for
people living with moderate-to-severe AD.
"The success of Apogee's IPO and initiation of a clinical trial
of its lead candidate are exciting milestones that underscore the
value of our partnership for rapid advancement of potentially
best-in-class biologics to market," said K. Evan Thompson, Ph.D., COO of Paragon. "The
initiation of clinical evaluation highlights the strength of our
partnership with Apogee and commitment to the accelerated
development of improved treatment options for patients."
Building on these important milestones, Apogee recently
appointed industry veteran Mark
McKenna, former Chairman, President and CEO of Prometheus
Biosciences, as Chairman of the Board of Directors. McKenna will
work closely with Apogee leadership to advise on market
opportunities, business development, and bringing new therapeutics
to patients based on his extensive experience and successful track
record in the inflammation and immunology space.
Apogee launched in December of 2022 with $169 million in funding and a pipeline of
potentially best-in-class biologics addressing immune and
inflammatory diseases originating from Paragon's discovery engine.
With $345 million in proceeds from
its upsized IPO and access to public markets, Apogee will continue
clinical development of its biologics portfolio with the aim of
overcoming the limitations of existing therapies for common
inflammatory and immunology (I&I) diseases.
About Paragon Therapeutics
Paragon Therapeutics, Inc. is a biotechnology company leveraging
cutting-edge science and technology to identify and propel
best-in-class biologics into the clinic for a range of human
diseases with high unmet needs. The company rapidly advances
therapies through a range of opportunities, from new company
creation and strategic partnerships to shaping programs in-house.
Founded by Fairmount in 2021 as a joint venture with FairJourney
Biologics, Paragon Therapeutics is based in Waltham, Mass. For more information, please
visit www.paragontherapeutics.com.
About Fairmount
Fairmount Funds Management LLC is a Philadelphia-based investment firm dedicated
to investing in promising new therapies pursued by biotechnology
and life science companies.
Media contact:
Peg Rusconi, Verge Scientific
Communications
prusconi@vergescientific.com
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SOURCE Paragon Therapeutics