Apogee emerges with $169M and plans to carry Paragon’s programs to clinic

Apogee emerges with $169M and plans to carry Paragon’s programs to clinic

Paragon Therapeutics has launched its first spinout, dubbed Apogee Therapeutics. The California company already touts a sizable $169 million to advance at least four of Paragon’s preclinical pipeline candidates designed to treat inflammatory and immunological disorders.

Apogee, which means the highest point in the development of something, was founded by Fairmount Funds Management and Venrock Healthcare Capital Partners this year. To date, the company has raised $169 million, including an oversubscribed $149 million series B financing round led by Deep Track Capital and RTW Investments.

The spinout will build on Paragon’s pipeline of product candidates, none of which have specific target indications disclosed. Helmed by CEO Michael Henderson, M.D., Apogee will funnel some money toward filling key leadership, science and clinical team roles. It will also use its funds to help advance its lead pipeline program from Paragon to the clinic next year. The program, dubbed APG777, is currently being evaluated in studies that will be used to ask the FDA for permission to enter human trials.

Part of the agreement with Paragon also gives Apogee an option for exclusive development and commercial rights to a suite of antibodies designed to target certain inflammatory and immunological conditions.

Parent Paragon is a young biotech itself, founded in 2021 by Fairmount as a joint venture with FairJourney Biologics. The early-stage biotech combines high-throughput screening systems and optimization techniques to identify potential drug candidates. Outside of its Apogee-partnered programs, Paragon has multiple different preclinical programs for a range of diseases.

“The debut of Apogee validates our approach to advancing best-in-class biologics to patients through a range of opportunities, from new company creation and strategic partnerships to shaping programs in-house with our experienced and proven team,” Paragon Chief Operating Officer K. Evan Thompson, Ph.D., said in a Dec. 7 release.

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