Jade Biosciences Launches with $80 Million to Develop Transformative Therapies for Autoimmune Diseases

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Aug 01, 2024, 07:00 ET

Financing will help advance the company's mission to deliver potentially best-in-class therapies for patients living with autoimmune diseases

Chief Scientific Officer Andrew King, D.V.M., Ph.D., brings deep industry experience to advance Jade's mission

Jade is the fourth company founded based on assets generated by Paragon, continuing Paragon's commitment to rapidly discover and develop novel treatments for patients

WALTHAM, Mass., Aug. 1, 2024 /PRNewswire/ -- Jade Biosciences, Inc. ("Jade"), a biotechnology company dedicated to developing best-in-class therapies for patients living with autoimmune diseases, today announced the closing of an $80 million financing. The financing was led by Fairmount and Venrock Healthcare Capital Partners with participation by Deep Track Capital, Driehaus Capital Management, Franklin Templeton, RTW Investments, and Braidwell LP. The funding will be used to support Jade's plans to develop targeted therapies for indications with high unmet need across inflammation and immunology.

Jade Biosciences is developing transformative therapies to redefine the standard of care for inflammation and immunology indications.

The company named Andrew King, D.V.M., Ph.D., as Chief Scientific Officer, bringing more than 15 years of leadership experience across biotech and pharmaceutical industries to the organization. Dr. King previously served as Chief Scientific Officer of Chinook Therapeutics, a clinical-stage biopharmaceutical company developing precision medicines for rare, severe chronic kidney diseases, where he oversaw the discovery research, non-clinical development, and translational medicine teams, and played a leadership role in driving clinical development strategy.

"We are confident that our preclinical stage assets, engineered by the exceptional team at Paragon, have the potential to change the treatment landscape for patients living with autoimmune diseases," said Dr. King. "The company is backed by a strong slate of investors who helped fund the company and support its vision of delivering transformative therapies to patients in need."

Jade is the fourth company to launch based on assets discovered and developed by Paragon Therapeutics, which include Apogee Therapeutics, Spyre Therapeutics, and Oruka Therapeutics.

About Jade Biosciences
Jade Biosciences is developing transformative therapies to redefine the standard of care for inflammation and immunology indications. Jade is headquartered in Waltham, MA. For more information, please visit jadebiosciences.com.

About Paragon Therapeutics
Paragon Therapeutics, Inc. is a biotechnology company leveraging cutting-edge science and technology to identify and propel potentially best-in-class biologics into the clinic for a range of human diseases with high unmet needs. The company rapidly advances therapies through a range of opportunities, from new company creation and strategic partnerships to shaping programs in-house. Paragon Therapeutics was founded by Fairmount in 2021 and is based in Waltham, MA. For more information, please visit paragontherapeutics.com.

SOURCE Jade Biosciences