Metabomed Secures $12.5M Financing to Advance Novel ACSS2 Inhibitor into Clinical Development

On December 19, 2019, VCBeat (WeChat official account: vcbeat) learned that Metabomed, a leading oncology company, had completed a $12.5 million financing round, bringing its total funds raised to date to $30 million. The company has announced a clinical candidate drug that acts as an inhibitor of acetyl-CoA synthetase short-chain family member 2 (ACSS2), an enzyme targeted in cancers dependent on acetate metabolism.

This round of financing was led by Yonjin Ventures, with full participation from Metabomed’s existing investors: M Ventures, Pfizer Ventures, Pontifax Venture Fund, Boehringer Ingelheim Venture Fund, and Arkin Bio Ventures. The proceeds will be used to secure Investigational New Drug (IND) approval for Metabomed’s ACSS2 clinical candidate by the end of 2020 and to strengthen its internal pipeline for further development of other lead compounds in the MetaboMed program.

Metabomed is a pharmaceutical R&D company specializing in cancer metabolism. Leveraging its proprietary technology, Metabomed has identified unique metabolic pathways that emerge in cancer and are essential for cancer cell growth. These discovered pathways serve as the basis for developing small-molecule drugs that, through targeted combinations, inhibit cancer cell metabolism and thereby halt their proliferation. Because these molecules selectively suppress metabolic pathways unique to cancer cells, this targeted therapy spares healthy tissues surrounding the tumor.

Dr. Simone Botti, CEO and Co-Founder of Metabomed, stated, “We are honored to include Yonjin Ventures among Metabomed’s top-tier investors, and we are gratified by the vote of confidence from our existing shareholders. This financing provides us with the opportunity to advance our best-in-class ACSS2 inhibitor into clinical development, and we aim to demonstrate the efficacy of this novel drug as soon as possible.”

Professor David Aviezer, a director of the company, added, “With this round of financing, Metabomed has rapidly advanced its leading compound into clinical trials and further strengthened its promising product pipeline.”

Yonjin Ventures is the North American and European investment arm of Yongjin Group (“Yongjin”) and a sister company to Yonghua Capital (“Yonghua”), both of which are based in China with headquarters in Shanghai. Yonjin Ventures specializes in life sciences investments in North America and Europe. The firm focuses on innovative technologies in therapeutics, diagnostics, and medical devices.

M Ventures, based in California, United States, is a uniquely positioned and well-established early-stage venture capital firm. Its team brings diverse expertise from media, entertainment, politics, finance, and technology to identify and invest in promising leading companies.

Established in 2004, Pfizer Ventures strives to remain at the forefront of life sciences development, seeking to identify and invest in emerging companies with the potential to develop transformative drugs and technologies. Capital investments are concentrated in the United States, with international investments accounting for approximately 20% of the total portfolio. For certain startups and spin-offs, the firm provides both capital and industry expertise to guide their rapid growth.

(Compiled by Wang Jingna)