[Funding News] Candid Therapeutics Raises $370 Million in Funding

Candid Therapeutics, a biotechnology company dedicated to developing potentially transformative drugs to address autoimmune diseases, announced its official launch today.

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Recent groundbreaking clinical data has showcased the pivotal role of a specific subset of immune cells, B lymphocytes, in autoimmune diseases. B lymphocytes lead to autoimmune pathology by producing autoantibodies that attack the body’s own tissues and also through antigen presentation and cytokine release.

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Selective depletion of B lymphocytes has shown unprecedented clinical efficacy in highly refractory patients across multiple autoimmune diseases such as rheumatoid arthritis and myasthenia gravis. Candid is developing T-cell engager (“TCE”) antibodies that can deplete specific B lymphocyte cell populations and aims to be the first company to bring these novel therapies to market.

To accelerate development of and position Candid to become the leader in TCE antibodies for autoimmune diseases, Candid acquired Vignette Bio and TRC 2004 through a simultaneous three-way merger and multi-step financing. This acquisition integrates two cutting-edge bispecific TCEs:

The founding Candid team includes an accomplished set of seasoned entrepreneurs who have repeatedly advanced nascent ideas into late-stage development products and commercialization.

In conjunction with the merger, Candid Therapeutics has successfully raised over $370 million in capital from an extensive roster of investors, which includes a recently completed financing co-led by Venrock Healthcare Capital Partners, Fairmount, TCGX, and venBio Partners. Other notable healthcare investors supporting the company include Foresite Capital, Third Rock Ventures, Fidelity Management & Research Company, Samsara BioCapital, Qiming Venture Partners USA, OrbiMed, Boxer Capital, Redmile Group, Vida Ventures, Two River, Franklin Templeton, LifeSci Venture Partners, Mirae Asset Capital Life Science, Polaris Innovation Fund, Soleus Capital and other reputable institutional and mutual fund investors. This substantial financial backing highlights strong investor confidence in Candid’s purposeful approach and strategic vision, positioning the company for significant impact in bringing forth first-in-class therapies to patients with autoimmune diseases.

“TCE antibodies have the most promise as scalable and patient friendly drugs to deplete B cells for treatment of a myriad of autoimmune conditions and represents a once in a generation development opportunity,” said Dr. Ken Song, Chairman, President, and CEO of Candid Therapeutics. “The drugs we are developing at Candid have the potential to go above and beyond the clinical and commercial success of Humira® and Rituxan® and I am thrilled to be leading the Candid team knowing we can possibly make history by changing the paradigm in how autoimmune diseases are treated.”

About Candid Therapeutics

Candid Therapeutics is an innovative biotechnology company dedicated to advancing the treatment of a range of immunological conditions. Established in 2024 and headquartered in San Diego, CA, Candid is driven by a team of repeatedly successful entrepreneurs with deep expertise and strong execution abilities. Supported by a distinguished syndicate of leading healthcare investors, Candid Therapeutics is committed to discovering and developing cutting-edge therapeutic programs that address significant unmet medical needs in immunology.