True North Therapeutics, a South San Francisco, CA-based biotechnology company developing novel therapies that selectively inhibit the Complement system to treat rare diseases, completed a $40m Series C equity financing.
The round was led by New Leaf Venture Partners, with participation from new investors Perceptive Advisors and Cowen Private Investments, as well as existing investors Kleiner Perkins Caufield & Byers, MPM Capital, OrbiMed, SR One, and Baxalta Ventures. In conjunction with the financing, Isaac Manke, PhD, Partner at New Leaf Venture Partners, will join True North Therapeutics’ board of directors.
The company intends to use the funds to advance the clinical development of its lead complement inhibitor, TNT009, for Cold Agglutinin Disease (CAD), a rare autoimmune disease involving destruction of red blood cells causing anemia, fatigue and potentially fatal thrombosis, as well as other rare diseases targeting the Complement system.
TNT009 inhibits C1s, a serine protease within the C1-complex in the Complement system. The C1-complex is activated by immune complexes and then triggers an enzymatic cascade; aberrant activation of this pathway can result in a range of cellular pathologies in numerous autoimmune and alloimmune conditions.
Led by Nancy Stagliano, PhD, Chief Executive Officer, True North initiated a Phase 1a clinical study with TNT009 earlier in 2015 and plans to begin a Phase 1b clinical study later this month in patients.