āshibio, a privately held biotechnology company developing novel therapeutics for the treatment of bone and connective tissue disorders, exited stealth mode today with $40 million in seed and Series A financing. MPM BioImpact led the Series A round, with contributing funds from Agent Capital, YK Bioventures, and Mirae Asset Venture Investment. In conjunction with the financing, Agent Capital Partner and Co-Founder Preston Noon has joined the Board of Directors.
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The funding will allow āshibio to continue to advance development of several investigative therapies including a potential treatment for fibrodysplasia ossificans progressiva (FOP), a rare genetic disease characterized by severe and progressive heterotopic ossification (HO), a pathological condition that causes abnormal bone formation in muscles, tendons, ligaments and other soft tissues.
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In addition to completion of the Series A funding, āshibio also announced the following appointments to its senior leadership team:Victoria Smith, Ph.D., joins āshibio as Chief Scientific Officer and Deborah Wenkert, M.D., joins āshibio as Chief Medical Officer.
“We are building a pipeline of innovative therapeutics that leverage emerging biology and novel mechanisms to impact bone and connective tissue disorders that have no approved treatments or where current treatment options are inadequate,” said Dr. Bhargava. “We are grateful to our investors for recognizing the promise of our approach and for supporting our development programs.”
“At āshibio, we are rapidly advancing novel therapeutics for severe and debilitating bone and connective tissue disorders, an area of great clinical need,” commented Dr. Smith. “It is extremely gratifying to be a part of such an impressive team of seasoned industry executives, clinicians, and researchers who are devoted to improving the lives of patients who have not been adequately served by currently available treatment options.” “āshibio is clearly at the forefront of drug development in heterotopic ossification and other bone and connective tissue pathologies,” added Todd Foley, managing partner at MPM BioImpact and Chair of the āshibio Board of Directors. “The company is now on a clinical path for its lead asset and is poised to advance a pipeline of programs that address unmet needs.”
About āshibio
āshibio is a privately held biotechnology company developing a pipeline of novel therapeutics for the treatment of bone and connective tissue disorders. Founded in 2022 by company CEO Pankaj Bhargava, M.D., and the team at MPM BioImpact, āshibio exited stealth mode in June 2024 with $40 million in Seed and Series A financing.
The company plans to initiate a Phase 2/3 trial of its lead asset, andecaliximab, in the second half of 2024 in patients with fibrodysplasia ossificans progressiva (FOP), a rare genetic disorder characterized by progressive heterotopic ossification (HO), a pathological condition characterized by abnormal bone formation in muscle and soft tissues.
