Thursday, April 18, 2024
HomeFunding IN-based Sudo Biosciences Secures $30Million in Series B Round Funding

[Funding alert] IN-based Sudo Biosciences Secures $30Million in Series B Round Funding

IN-based Sudo Biosciences secures $30million in series B round funding from new investors Dementia Discovery Fund (DDF, a SV Health Investors Fund), Leaps by Bayer, and UPMC Enterprises, the innovation, commercialization and venture capital arm of UPMC.

IN-based Sudo Biosciences secures $30million in series B round funding from new investors Dementia Discovery Fund (DDF, a SV Health Investors Fund), Leaps by Bayer, and UPMC Enterprises, the innovation, commercialization and venture capital arm of UPMC.

The Series B funding was led by Enavate Sciences and TPG, which is investing in the company through TPG Life Sciences Innovations and The Rise Fund.

Read also – NYC-based Tandym Group Acquired Kolter Solutions

With participation from Sanofi Ventures, Frazier Life Sciences, Surveyor Capital (a Citadel company), Monograph Capital, Eventide Asset Management, Velosity Capital and new investors DDF, Leaps by Bayer, and UPMC Enterprises. With this second Series B round close, Sudo has raised a total of $188 million since its founding in 2020.

Scott Byrd, Chief Executive Officer said, “We are pleased to welcome these new investors as they each offer unique strategic value which will be meaningful for Sudo as we advance our precision TYK2 inhibitors into the clinic, Sudo Biosciences. This further funding enhances our ability to optimize the development of our pipeline programs.”

Jonathan Behr, Partner, SV Health Investors said, “We are happy to partner with Sudo on the Series B second closing and be a catalyst to enable the company to generate clinical data with these potential first and best-in-class brain-penetrant TYK2 inhibitors in multiple neuroinflammatory diseases. Specifically, we see scope to expand beyond MS into Alzheimer’s and ALS,” .

Juergen Eckhardt, Head of Leaps by Bayer, the impact investment arm of Bayer AG said, “Sudo Biosciences is at the forefront of developing groundbreaking therapies that have the potential to transform the landscape of autoimmune and neurologic diseases, Sudo’s pursuit of best-in-class TYK2 therapeutics aligns perfectly with our leap to reverse autoimmune diseases and chronic inflammation, thereby improving the lives of many patients who currently lack adequate treatment options.”

Matthias Kleinz, Ph.D., Executive Vice President of Translational Sciences Investments at UPMC Enterprises said, “Sudo Biosciences’ discovery and development programs are focused on diseases of high medical need where UPMC Enterprises sees opportunities to transform the lives of patients at UPMC and globally. Sudo’s TYK2 inhibitors have the potential to simplify treatment and improve outcomes in people with major neurodegenerative and autoimmune diseases, Our partnership with Sudo will strive to accelerate the translation of encouraging scientific discovery into life-changing therapies for our patients.”

Proceeds from the Series B fundraise will be used to advance two investigational TYK2 candidates into the clinic this year. Sudo’s CNS program is a potential first and best-in-class brain-penetrant TYK2 therapeutic that could significantly advance the treatment of both the relapsing and progressive forms of multiple sclerosis as well as neurodegenerative conditions such as Alzheimer’s Disease and Amyotrophic Lateral Sclerosis (ALS).

Read also – FL-based Odyssey Secures $6Million in Funding

ABOUT SUDO BIOSCIENCES

Sudo Biosciences is a biopharmaceutical company committed to designing and developing novel medicines to transform patients’ lives. The company’s programs target the tyrosine kinase 2 (TYK2) pseudokinase domain. TYK2 is a key mediator in cytokine signaling pathways that have been linked to a broad range of immune-mediated inflammatory conditions.

Read also – IL-based Ascent Technologies Acquired Waymark

- Advertisement -
RELATED ARTICLES
- Advertisment -

Most Popular