NYC-based TriGemX Bio Raises $94M in Funding

TriGemX Bio (fka Kallyope), a NYC-based biotechnology company focused on developing medicines for the treatment of migraine, has raised $94 million in a funding round.

The round was co-led by The Column Group, TCGX, and Viking Global Investors, with participation from additional investors.

The company plans to use this funding to support the clinical development of elismetrep, the company's lead drug candidate, which is currently in Phase 3 trials for the acute treatment of migraine.

What is TriGemX Bio?

TriGemX Bio is developing medicines targeting neural pathways involved in migraine.

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Its lead program, elismetrep, is an investigational oral TRPM8 channel blocker designed for the acute treatment of migraine. The company says the drug was well tolerated and reduced migraine pain and related symptoms in a Phase 2b trial.

The company is now advancing elismetrep through Phase 3 clinical trials.

“Today’s announcement represents the start of an exciting new chapter for the company,” said Jeff Goater, CEO of TriGemX Bio. “Migraine is one of the most common neurological diseases, and a meaningful percentage of affected patients do not achieve adequate relief from existing therapies.

Cariad Chester, Managing Partner at TCGX, added: “We are excited to support TriGemX Bio, and the pivotal Phase 3 trials of elismetrep. Despite the significant advances enabled by CGRP-targeted therapies, fewer than a third of patients achieve adequate control of their migraine symptoms, underscoring the substantial need for new treatment options.

How Much Funding Has TriGemX Bio Raised?

TriGemX Bio has raised $94 million in its latest funding round.

The company did not disclose its total funding raised or details of previous funding rounds in the provided information.

Who Invested in TriGemX Bio’s Funding Round?

The funding round was co-led by The Column Group, TCGX, and Viking Global Investors.

Additional investors also participated, although the company did not provide their names.

Why the Funding Matters

TriGemX Bio will use the new funding to advance the clinical development of elismetrep.

The company is currently conducting Phase 3 trials for the drug as a potential acute migraine treatment.

Market and Business Growth

TriGemX Bio is focused on developing elismetrep, an oral TRPM8 channel blocker for acute migraine treatment.

The drug is currently in Phase 3 trials, with results from the first Phase 3 trial expected in mid-2027.

The company is targeting a condition that affects approximately one billion people worldwide, according to the company.

What Happens Next?

TriGemX Bio plans to continue the Phase 3 clinical development of elismetrep.

The company expects results from its first Phase 3 trial in mid-2027 as it works toward developing a new treatment option for acute migraine.

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