Intrepida Bio Secures $9.5M in Initial Equity Financing to Advance Monoclonal Antibody into Clinical Trials

VCBeat (WeChat ID: vcbeat) learned from foreign media that on October 22, 2019, preclinical biotechnology company Intrepida Bio announced the completion of its initial equity financing round of $9.5 million. Supporters included Sofinnova Investments, Canaan, and original investors Indaco Venture Partners and Vertis SGR SpA.

Intrepida Bio was co-founded by its Co-Founder and CEO, Dr. Joel F. Martin, Chief Scientific Officer Dr. Olivier Laurent, and Biouniversa srl (the academic spin-off operating in the biotechnology sector in Campania). The company is headquartered in San Diego, California, USA. It is dedicated to developing novel therapeutics that modulate the innate immune system to combat cancer and other diseases.

Intrepida Bio has designed a proprietary monoclonal antibody that blocks the novel target BAG3 and its receptor IFITM-2, thereby disrupting their ability to create a favorable environment for tumor growth.

Pancreatic cancer cells release a protein known as BAG3, which binds to the IFITM2 receptor on macrophages and induces a tumor-supportive microenvironment. Once this occurs, macrophages—normally protective immune cells—are typically hijacked into producing signaling molecules that promote tumor growth, suppress immune responses, and induce a tumor-protective fibrotic microenvironment. Intrepida Bio’s drug prevents BAG3 from stimulating IFITM2, thereby restoring a healthy anti-tumor immune response.

The potential of BAG3 as an anti-cancer target was discovered and preclinically validated by the team at Biouniversa srl. The team is led by Dr. Maria Caterina Turco, Professor at the University of Salerno and Chair of the Scientific Committee of Intrepida Bio.

Dr. Joel Martin, Co-founder and CEO of Intrepida Bio, stated, “In vivo and in vitro studies have demonstrated that Intrepida Bio’s BAG3 antibody slows tumor growth, reduces cancer cell metastasis, and improves patient survival rates. We are seizing this rare opportunity to comprehensively develop these compounds, with the aim of advancing our lead candidate, IB001, into clinical trials in 2021.”

Dr. Mike Powell, Partner at Sofinnova Investments and Chairman of the Board of Intrepida Bio, stated, “Joel and Olivier have identified truly novel, validated targets that modulate the innate immune system, the body’s first line of defense against disease. We believe the Intrepida Bio team will execute a rigorous plan to build clinical evidence around BAG3.”

The company’s board of directors also includes Dr. Joel F. Martin, Co-founder and Chief Executive Officer of Intrepida Bio; Dr. David Kabakoff, Executive Partner at Sofinnova; Nina Kjellson, General Partner at Sofinnova; Ellen Lubman, Chief Business Officer of Impel NeuroPharma; Dr. Elizabeth Robinson, Co-founder of Indaco Venture Partners SGR; and Dr. Giovanni Rizzo, Chief Executive Officer of Biouniversa.

Sofinnova Investments, founded in 1974 and headquartered in California, USA, is an early-stage venture capital firm investing in the life sciences sector.

Canaan, founded in 1987 and headquartered in California, USA, is an early-stage venture capital firm focusing on investments in fintech, biopharmaceuticals, digital health, and other sectors.

Indaco Venture Partners, established in 2016 and headquartered in Milan, Italy, is a venture capital firm focusing on both early-stage and late-stage investments. It primarily targets sectors such as electronics, robotics, medical technology, and new materials.

Vertis SGR SpA, established in 2007 and headquartered in Milan, Italy, is a venture capital firm authorized by Italian banks.

(Compiled by He Li)