Lund, Sweden, March 14, 2024 – Asgard Therapeutics, a pioneering biotech firm specializing in in vivo direct cell reprogramming for cancer immunotherapy, has announced a successful €30 million Series A financing round. This significant funding, equivalent to approximately $32.7 million USD, will propel the advancement of their groundbreaking AT-108 program towards clinical readiness by 2026. The financing was co-led by RV Invest and Johnson & Johnson Innovation – JJDC, Inc., with strong participation from existing investors Novo Holdings, Boehringer Ingelheim Venture Fund, and Industrifonden, signaling robust confidence in Asgard’s innovative approach to cancer treatment.
The funding injection will be strategically allocated to several key areas. A primary focus is to accelerate the development of Asgard’s lead candidate, AT-108, to Investigational New Drug (IND) readiness. Furthermore, Asgard plans to expand its expert research and development team, bolstering its capacity to explore new reprogramming modalities and refine delivery platforms. This expansion aims to strengthen their pipeline and broaden the applicability of their in vivo reprogramming technology.
AT-108 represents a novel, off-the-shelf gene therapy designed to operate directly within the tumor microenvironment. It functions by reprogramming tumor cells into antigen-presenting dendritic cells. This innovative process is crucial as it triggers a personalized and potent anti-cancer immune response tailored to each patient’s unique tumor profile. The scientific foundation of AT-108 is robust, supported by multiple publications in the prestigious journal Science Immunology. Preclinical studies, utilizing both patient-derived ex vivo models and in vivo rodent models, have demonstrated compelling proof-of-concept. AT-108 has shown the ability to induce strong anti-tumor immunity and abscopal effects, even when administered as a standalone therapy.
Cristiana Pires, Co-founder and Chief Executive Officer of Asgard Therapeutics, emphasized the transformative potential of their technology: “Asgard’s technology addresses critical limitations of conventional cell therapies by enabling the in situ generation of functional immune cells within the patient’s body. We are convinced that this pioneering strategy will usher in a new era of cell therapies. This substantial financing, following compelling preclinical validation for AT-108, is a testament to the potential of our approach. We are grateful for the support of both our new and existing investors as we dedicate ourselves to discovering and developing groundbreaking immunotherapies and look forward to advancing AT-108 towards clinical trials.”
Aleksei Zeifman, Investment Manager at RV Invest, highlighted the investment rationale: “Asgard’s distinctive method of leveraging direct cell reprogramming for cancer immunotherapy holds significant promise for creating personalized cancer treatments at scale, applicable across numerous cancer types. We are deeply impressed by the technological sophistication and the compelling scientific data generated by Asgard’s team. RV Invest is excited to support Asgard’s exceptional team in their mission to bring this innovative therapy to patients, and we are pleased to join a distinguished group of investors.”
João Ribas, Principal at Novo Holdings, Seed Investments, also expressed enthusiasm: “We are delighted to welcome JJDC and RV Invest to Asgard Therapeutics. This financing milestone underscores the significance of Asgard’s innovative concept of direct in vivo cellular reprogramming in the oncology field. Novo Holdings is proud to continue supporting Asgard in its commitment to translate this off-the-shelf personalized therapy to the clinic, realizing the technology’s promise for the benefit of patients.”
The mechanism of AT-108 involves reprogramming cancer cells within the patient’s body to become conventional Type 1 Dendritic Cells (cDC1s). These cDC1s are a specialized subset of immune cells vital for initiating effective anti-tumor immunity. By transforming tumor cells into cDC1s, AT-108 facilitates the presentation of the individual’s specific cancer antigens to the immune system. This triggers a highly personalized and systemic anti-cancer immune response, maximizing the body’s natural defenses against the tumor. AT-108 utilizes a replication-deficient adenoviral vector to deliver three key transcription factors into tumor cells. These factors act to rewire the gene expression patterns of the tumor cells, effectively “programming” them to adopt the characteristics of immunogenic cDC1-like cells.
With this successful €30 million financing round, Asgard Therapeutics is well-positioned to accelerate the development of AT-108 and further explore the potential of its in vivo cell reprogramming platform, bringing new hope to the field of cancer immunotherapy. Following this funding, Aleksei Zeifman, Investment Manager at RV Invest, and a representative from Johnson & Johnson Innovation – JJDC, Inc., will be joining Asgard’s board of directors, effective immediately, adding further expertise and guidance to the company’s journey.
About Asgard Therapeutics
Asgard Therapeutics is a privately held preclinical stage biotech company at the forefront of in vivo direct cell reprogramming for cancer immunotherapy. Leveraging proprietary reprogramming technologies, Asgard is developing gene therapy products engineered to initiate potent and personalized immune responses against cancer. Supported by leading investors including Johnson & Johnson Innovation – JJDC, Inc., RV Invest, Novo Holdings, Boehringer Ingelheim Venture Fund, and Industrifonden, Asgard Therapeutics is dedicated to building a pipeline of off-the-shelf cancer immunotherapies that activate personalized anti-cancer immune responses, ultimately benefiting patients in need. For more information, please visit: www.asgardthx.com
About RV Invest
RV Invest is a venture capital fund focused on investing in highly differentiated technical solutions poised to become future standards of care in healthcare. RV Invest’s mission is to champion innovations that significantly improve patient lives. The fund actively engages with founders and researchers from the early stages, providing support to translate groundbreaking ideas into impactful market solutions.
References
[I] DOI: 10.1126/sciimmunol.aau4292
[II] DOI: 10.1126/sciimmunol.abg5539
[III] DOI: 10.1126/sciimmunol.add4817
