Electra Therapeutics Secures $183 Million Series C Financing to Advance SIRP-Targeted Antibody ELA026 into Pivotal Trials for sHLH and Expand Pipeline

October 22,South San Francisco, California — Electra Therapeutics, a clinical-stage biotechnology company pioneering therapies targeting novel pathways in immunology and cancer, announced the completion of an oversubscribed $183 million Series C financing. The round was co-led by Nextech and EQT Life Sciences, with new investors Sanofi, HBM Healthcare Investments, and Mubadala Capital joining alongside existing investors OrbiMed, Redmile Group, New Leaf Venture Partners, Westlake BioPartners, Cormorant Asset Management, Blue Owl Capital, and RA Capital Management. In 2022, the company closed an $84 million Series B financing.

The proceeds from the financing will be used to fund the global pivotal Phase 2/3 study of ELA026 in secondary hemophagocytic lymphohistiocytosis (sHLH), a severe inflammatory disease with high mortality and limited treatment options. This pivotal study is currently enrolling patients at research centers in the United States and Europe, and dosing has commenced. In addition to sHLH, Electra is also evaluating ELA026 for the treatment of hematologic malignancies, with preliminary clinical data indicating potential therapeutic benefits. The funding will further advance ELA822, Electra’s second program targeting the SIRP pathway, which selectively depletes activated T lymphocytes, moving into the clinic and through initial data readouts.

Kathy Dong, President and CEO of Electra Therapeutics, stated:"We are thrilled to have the support of a group of outstanding investors who share our vision of providing life-changing treatments for underserved patient populations. Our team has a strong track record of translating novel biology into first-in-class breakthrough therapies, such as ELA026. With great momentum, we are advancing the pivotal study of ELA026 in sHLH and accelerating our second..."A SIRP (Signal Regulatory Protein) Targeted program enters clinical stage."

Electra Therapeutics, Inc. was the first to develop a new therapy targeting the SIRP family of cell surface receptors to selectively deplete pathological immune cells. This approach has been clinically validated in the Phase 1b ELA026 study for sHLH, where ELA026 achieved a 100% overall survival rate at 8 weeks as a first-line treatment for patients with malignancy-associated HLH, compared to approximately 50% reported for available therapies in historical benchmarks. These results lay the groundwork for expanding the development of ELA026 into other indications and advancing the broad application of ELA822 in the field of immunology and inflammation (I&I).

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