In conjunction with the funding, Thomas Schuetz from OrbiMed, will join the company’s board.
Arteaus is developing an antibody to calcitonin gene-related peptide (CGRP) as a novel approach for the prevention of migraine headaches. The world-wide rights to develop the antibody have been licensed from Eli Lilly and Company in a collaboration that leverages Lilly’s capabilities and experience developing the antibody with Arteaus’ virtual and capital-efficient approach to achieving clinical proof of concept.
Using a virtual team and collaborating with Lilly’s Chorus unit, the company will develop the antibody through Phase 2 randomized clinical trials to demonstrate proof of concept in migraine prevention. Upon completion of the study, Lilly will have the option to continue to develop the antibody at pre-negotiated terms including milestones and royalties.
Arteaus is led by CEO David Grayzel, MD, Managing Director of Atlas Venture Development Corp.