Candid Therapeutics, a San Diego-based biotechnology company, has secured $370 million in funding to accelerate the development of its innovative T-cell engager drugs through clinical trials to treat autoimmune diseases and autoimmune conditions with innovative antibody drugs targeting inflammatory diseases.
The funding round was Co-led by Venrock Healthcare Capital Partners, Fairmount, TCGX, and venBio Partners. The funding positions Candid to potentially revolutionize treatments for inflammatory conditions.
Candid Therapeutics primarily focuses on developing antibody drugs—specifically, T-cell engagers—designed to treat autoimmune disorders. Unlike traditional cell therapies that rely on costly production methods and chemotherapy preparation, Candid’s T-cell engagers offer a more accessible, scalable solution. These antibody drugs target malfunctioning B cells, a critical player in chronic autoimmune diseases, and promise long-term remission.
Strategic Acquisitions Fuel Candid’s Pipeline
Candid’s drug pipeline is bolstered by two recent acquisitions: Vignette Bio and TRC 2004. These companies had secured rights to cancer drug prospects from China. Still, under Candid’s leadership, these drugs will be repurposed for autoimmune conditions. The company aims to initiate clinical trials next year for two T-cell engagers that have already completed Phase 1 testing in cancer.
These drugs, targeting the proteins BCMA and CD20 on B cells, could be game-changers in the autoimmune space. While T-cell engagers are relatively new, research shows promising results. According to recent publications in The European Journal of Cancer and The New England Journal of Medicine, T-cell engagers used in cancer therapy showed positive outcomes in autoimmune patients.
Candid Therapeutics Backed by Leading Healthcare Investors
The company’s $370 million raise includes $206 million from Candid and $170 million brought in by Vignette Bio and TRC 2004 before the merger. Top healthcare investors supported the financing, including Foresite Capital, Third Rock Ventures, Fidelity Management, and OrbiMed. Candid’s CEO, Ken Song, emphasized that the funds provide the company with several years of operational runway and room to consider future opportunities, such as an initial public offering (IPO).
The rise of T-cell engager drugs reflects growing interest in innovative treatments for autoimmune diseases. Candid joins a growing list of companies exploring this technology, such as Roche, Cullinan Therapeutics, and Merck & Co. However, Song remains confident that Candid can lead the charge with its advanced drug candidates and seasoned team.
Candid’s launch represents a bold step in tackling autoimmune diseases through targeted therapies, offering new hope for patients with chronic conditions. The company plans to expand its portfolio shortly, betting on the transformative potential of T-cell engagers in reshaping autoimmune treatment landscapes.
Follow USTechTimes on Facebook, Twitter and Linkedin for in-depth news of market trends, funding updates, and regulatory changes affecting startups in USA.
We Recommend:
- Mission Bio Raises $70M in Series C Funding Led by Novo Holdings
- Guardant Health invests $26 million in health-tech startup Lunit
- Renibus Therapeutics secures $47M funding to advance promising drug for postoperative complications following cardiothoracic surgery
- HyAxiom ignites innovation with $150M funding round for fuel cell solutions
- Augmedics raises $82.5m in Series D funding for augmented reality surgical navigation platform
