- Additional funding from new investor Korys, joining existing
syndicate members Novo Holdings and Bioqube Ventures, brings total
seed financing to €21.5m
- Funds will be used to further develop Commit's BiCE platform
and move towards drug candidate (DC) selection
- Eva Van Overmeire, Senior Investment Manager at
Korys, also joins Commit's Board of
Directors
- Mikkel Wandahl Pedersen appointed as interim
CEO
AARHUS,
Denmark, Jan. 28, 2025 /PRNewswire/ -- Commit
Biologics ("Commit"), a pioneer in the activation of the complement
system to treat cancer and autoimmune disease, today announces a
€5.5m extension to its seed financing. The contribution from new
investor Korys brings the total seed financing raised since
Commit's launch to €21.5m. Commit emerged from stealth last May,
having raised €16m from Novo Holdings and Bioqube Ventures.
The proceeds of the financing, which will be used to advance the
BiCE platform and work towards drug candidate selection, extend
Commit's runway into late 2026.
Commit is developing its Bispecific Complement Engaging (BiCE™)
platform, which uses single domain antibodies that bind to the
complement protein C1q to activate and direct the complement
system, a fast-acting and potent part of the innate immune system.
BiCE is a modular system that can arm antibodies to direct the
complement system in a highly targeted way to selectively kill
tumor cells or cells implicated in autoimmune disease.
To execute the plan, Commit has appointed Chief Scientific
Officer Mikkel Wandahl Pedersen as Interim CEO. Dr Pedersen is
a seasoned R&D executive and scientific leader with over two
decades of experience in immuno-oncology and autoimmune disease
drug discovery and development. He joined Commit last year after
previously serving as CSO of Oslo-based Nykode Therapeutics and
Denmark-based Symphogen. Dr
Pedersen retains his role as Commit's CSO.
Dr Mikkel Wandahl Pedersen, Interim Chief Executive Officer,
and CSO, of Commit Biologics, said: "This additional
financing from Korys, a new investor, underscores the great
potential of our BiCE platform to redefine the treatment of cancer
and autoimmune disease. We welcome Eva to our Board of Directors,
where her expertise will be invaluable as we work towards drug
candidate selection. The additional financing further extends our
cash runway into late 2026, and we remain hyper-focused on
progressing our platform to the next stage of our development."
Eva Van Overmeire, Senior Investment Manager at Korys,
said: "Commit is pioneering a unique platform technology
that robustly activates the complement system and easily integrates
with existing antibody formats in a plug-and-play fashion. This
innovative technology holds the promise of significantly improving
the lives of patients battling cancer and autoimmune diseases. We
are impressed with the progress already made by the Commit team
since the initial seed financing and we are confident they have the
expertise to drive the platform forward."
About Commit Biologics
Commit Biologics (Commit) is a pioneer in activating the
complement system to kill specific target cells, with applications
in cancers and autoimmune diseases. Spun out of Aarhus University, and building on more than
three decades of research, Commit's Bispecific Complement Engaging
(BiCE™) platform can supercharge a conventional monoclonal antibody
to activate the complement system more effectively. This is
achieved by combining single domain antibodies that engage C1q, the
starting point for the complement activation cascade, with an
antibody that binds to a cellular target. The modular approach of
the BiCE™ technology can be used to develop therapeutics across
multiple tumor-associated antigens and immune cell targets.
Complement is a largely untapped aspect of the body's natural
immune system that leverages both the direct cytolytic activity of
complement along with its ability to bridge recruitment and
activation of both innate and adaptive immune cells – a new
approach to killing cells which can be used in combination or on a
standalone basis. Commit is backed by major investors including
Bioqube Ventures and Novo Holdings.
About the complement system
The complement system is part of the body's immune system that
has previously been largely untapped therapeutically. The
activation of the classical complement pathway, which has a role in
health for pathogen defense, begins with the engagement of C1q to
antibodies that coat the cell surface and ends with the activation
of a cytolytic complement complex directly leading to cell lysis.
However, current monoclonal antibodies developed for therapeutic
purposes have structural restraints that hinder effective
engagement to C1q, thus limiting complement mediated cytotoxicity
and other complement mediated effector functions. This, plus the
presence of natural cell bound complement inhibitors that are
upregulated in cancer, and low target densities, make conventional
therapeutic antibodies poor complement activators. Commit's BiCE™
technology was developed to overcome these barriers, to harness the
power of the complement system and direct it towards tumor and
immune cells for therapeutic applications. Unleashing this power in
a highly targeted way with Commit's technology potentially allows
for a broad therapeutic index and the development of highly
effective treatments.
About Korys
Korys is the investment company of the Colruyt family and
creates sustainable added value in 3 ecosystems: Conscious
Consumer, Healthy Living, and Energy Transition. Korys does this in
partnership with entrepreneurs and companies who share its
commitment to value-driven entrepreneurship and sustainability
while leveraging the expertise of a highly motivated team of 30
professionals in Belgium and
India. Thanks to its dedication,
craftsmanship and strong financial foundation, Korys can make
long-term commitments.
Over the past two decades, Korys built a portfolio of
sustainable investments worth over €4 billion. Besides more than 20
direct investments, including Colruyt Group and Virya Energy, Korys
also manages private equity funds and investments in listed
instruments.
View original
content:https://www.prnewswire.com/news-releases/commit-biologics-announces-5-5m-seed-financing-extension-investment-by-korys-to-further-develop-its-bispecific-complement-engaging-bice-platform-302361080.html
SOURCE Commit Biologics
