Evommune Announces $115 Million Series C Financing to Accelerate Advancement of Clinical-Stage Pipeline Addressing Chronic Inflammatory Diseases

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Oct 31, 2024, 08:00 ET

– Financing co-led by RA Capital Management and Sectoral Asset Management –

– Proceeds to support clinical development of lead program MRGPRX2 inhibitor, EVO756, as well as IL-18 targeted fusion protein program, EVO301 –

– Multiple Phase 2 data readouts expected in 2025 and 2026 in chronic urticaria and atopic dermatitis –

PALO ALTO, Calif., Oct. 31, 2024 /PRNewswire/ -- Evommune, Inc., a clinical-stage biotechnology company discovering and developing new ways to treat immune-mediated inflammatory diseases, today announced the completion of a $115 million Series C financing. The financing was co-led by new investors RA Capital Management and Sectoral Asset Management, along with participation from new investors B Capital, Marshall Wace, Avego Bioscience Capital, Longwood Fund, RTW Investments, ADAR1 Capital Management, NEXTBio Capital, Beiersdorf Venture Capital, FemHealth Ventures and Allostery Investments LP and existing investors, including Pivotal bioVenture Partners, EQT Life Sciences, Andera Partners, Amplitude Ventures, SymBiosis and Verition Fund Management.

"The support from these leading life science investors speaks to the strong momentum we have built with the positive proof of concept data from our EVO756 program earlier this year and the expansion of our pipeline with EVO301. With multiple Phase 2 data readouts anticipated in 2025 and 2026, we are well positioned to continue to show meaningful progress and achieve our goal of delivering new treatment options to patients suffering from chronic inflammatory diseases," said Luis Pena, Chief Executive Officer at Evommune.

In connection with the Series C financing, Derek DiRocco, Ph.D., partner at RA Capital Management, and François Beaubien, Ph.D., CFA, partner at Sectoral Asset Management, have joined Evommune's Board of Directors.

"Evommune's EVO756 proof of concept study delivered very encouraging results, providing a strong foundation for Evommune to progress as a cutting-edge immunology company," said Dr. DiRocco. "I am excited to join Evommune's Board of Directors at such an important time and look forward to working with this experienced leadership team to advance new treatments that could elevate the standard of care in a variety of chronic inflammatory diseases."

Proceeds from the Series C financing will be used to support continued advancement of the company's lead clinical programs in chronic urticaria and atopic dermatitis, including multiple Phase 2 studies of EVO756, a potent, highly selective small molecule antagonist of mas-related G-protein coupled receptor X2 (MRGPRX2). EVO756 plays a pivotal role in mast cell activation and neuroinflammation and has the potential to be a very targeted, safe and effective oral therapeutic option for multiple mast cell mediated diseases. The proceeds will also support a Phase 2 proof of concept study of EVO301, a long-acting serum albumin-binding injectable therapeutic fusion-protein that is designed to neutralize the signaling pathway of IL-18 for the regulation of inflammation in multiple chronic inflammatory diseases.

Company Milestones

Reported positive proof-of-concept data for EVO756; a full data set will be presented at a scientific conference in the fourth quarter of 2024
Initiated a multi-center Phase 2 trial in patients suffering from Chronic Inducible Urticaria (CIndU) in the third quarter of 2024, with data expected in the first half of 2025
Plan to initiate a Phase 2b clinical trial of EVO756 in patients with chronic spontaneous urticaria (CSU) during the first half of 2025 as well as a Phase 2 clinical trial of EVO301 in atopic dermatitis, with data from these studies expected in 2026

About Evommune, Inc.
Evommune, Inc. is a clinical-stage biotechnology company discovering and developing new ways to treat immune-mediated inflammatory diseases. The company is creating game-changing science with the goal of delivering therapies that address symptoms and halt progressive disease. For more information, please visit www.evommune.com or follow us on LinkedIn.

SOURCE Evommune, Inc