Two companies who needed partners have found each other, as privately held Elicio Therapeutics Inc. will merge with Angion Biomedica Corp. in an all-stock deal.
Angion Biomedica Corp. has synthesized prodrugs of terevalefim acting as hepatocyte growth factor (HGF) mimetics and reported to be useful for the treatment of renal ischemia-reperfusion and lung injury.
Angion Biomedica Corp. CEO Jay Venkatesan said his firm is ransacking phase II data for “a clear and consistent trend” toward benefit with ANG-3777 before going to the next stage of development with the hepatocyte growth factor mimetic for patients undergoing cardiac surgery involving cardiopulmonary bypass who are at risk for developing acute kidney injury. A decision is due early next year.
Shares of Angion Biomedica Corp. tumbled more than 50% Oct. 27 on disappointing top-line data from its phase III study testing ANG-3777’s ability to improve organ function in patients receiving deceased donor kidney transplants. The company’s management, however, remained cautiously optimistic that the safety results and signals of biological activity could bode well for an exploratory phase II study testing the drug in acute kidney injury associated with cardiac surgery involving cardiopulmonary bypass, which is expected to read out later this quarter.
Shares in Altimmune Inc. and Angion Biomedica Corp. were sharply down after the companies announced trial disappointments from a nasal COVID-19 vaccine and two investigational therapies. Altimmune was worst hit, with shares (NASDAQ:ALT) dropping 38% to $9.80 June 30 after announcing its nasal COVID-19 vaccine did not produce enough immune response and axing an immunotherapy trial after encountering problems finding enough subjects.
DUBLIN – Agomab Therapeutics NV raised $74 million in a series B round that attracted two heavyweight U.S. crossover investors, Redmile Group, which led the financing, and Cormorant Asset Management.
The week finished with flurry of biotech IPOs, seven of them, a record number in a single day, according to BioWorld stats. Last year was a record year for IPOs as 106 new offerings were completed and raised $22.5 billion, more than double the previous record of $10.7 billion set in 2018. The seven companies that priced Feb. 5 are anticipating total gross proceeds of about $1.06 billion.
DUBLIN – Vifor Pharma Group is paying $60 million, including $30 million up front and $30 million in equity investment, to secure rights to Angion Biomedica Corp.’s hepatocyte growth factor mimetic, ANG-3777, in all nephrology indications.
