After getting off a $46 million series A in 2018, Texas-based biotech Shattuck Labs has followed up with a major $118 million second funding round.
This will be funneled into its two early-stage assets: SL-172154 (SIRPα-Fc-CD40L), a fusion protein that combines CD47 inhibition with CD40 co-stimulation, and SL-279252 (PD1-Fc-OX40L), Shattuck’s lead PD-1 being developed alongside Takeda, which penned a deal with the biotech back in 2017.
Its platform tech is based on Agonist Redirected Checkpoint (ARC), originally licensed from cancer drug developer Heat Biologics.
Using the tech, Shattuck has previously said it can create single molecules that not only block immune checkpoints like PD-1/PD-L1 to remove a brake on the immune system but also simultaneously encourage T cells to attack malignant cells. The result is “combination immunotherapy with a single product.”
Some of the cash is also earmarked for “another clinical program in 2021,” though details of that were not released, as well as for “continuing the development of an innovative pipeline of compounds for the treatment of cancer and autoimmune disease.”
The financing was led by Redmile Group with other new investors including Janus Henderson Investors, Fidelity Management & Research Company, LLC, EcoR1 Capital, Hatteras Venture Partners, Avidity Partners, Partner Fund Management, Emerson Collective and Piper Sandler & Co., as well as participation from existing investors.
“Over the past four years we have pioneered the development of our proprietary ARC technology platform, which consolidates checkpoint blockade and tumor necrosis factor receptor superfamily (TNFRSF) agonism into single therapeutics, tackling many of the risks associated with a new biologics platform along the way,” said Taylor Schreiber, M.D., Ph.D., CEO of Shattuck. “
“The support from this syndicate of experienced life science investors will accelerate clinical development of multiple programs aimed to establish ARC therapeutics as an entirely new class of biologic medicine.”