Cabaletta Bio Inc., a Radnor, PA-based biotechnology company focused on the discovery and development of T cell therapies for B cell-mediated autoimmune diseases, closed a $50m Series B financing.
Backers included new investors Deerfield Management Company, Boxer Capital of Tavistock Group, Redmile Group and Cormorant Capital and founding investors Adage Capital Management, an undisclosed public equity healthcare investor and 5AM Ventures.
The company intends to use the funds for the establishment of translational research and advanced manufacturing capabilities to complement its relationship with the Center for Cellular Immunotherapies in the Abramson Center at the University of Pennsylvania to accelerate development of its product pipeline while advancing its lead asset, DSG3-CAART, into clinical development.
Led by Steven Nichtberger, M.D., co-founder, CEO and Chairman, Cabaletta Bio is focused on the discovery and development of T cell therapies for B cell-mediated autoimmune diseases. Its therapeutic platform produces autologous Chimeric AutoAntibody Receptor (CAAR) T cells that are designed to precisely bind and destroy only specific autoantibody-producing B cells while sparing normal antibody-producing B cells, which are essential for human health. The platform is based on the Chimeric Antigen Receptor (CAR) T cell technology developed at the University of Pennsylvania that resulted in one of the first commercially-available CAR T cell products for the treatment of B cell malignancies.
The company was founded by Penn physician/scientists Michael Milone, M.D., Ph.D., and Aimee Payne, M.D., Ph.D., who serve as co-chairs of its Scientific Advisory Board, and Nichtberger.
Cabaletta has an exclusive global licensing agreement and multiple sponsored research agreements with the University of Pennsylvania to develop the CAAR T technology to treat B cell-mediated autoimmune diseases. The company’s lead therapeutic program is a potential treatment for a prototypical B cell-mediated autoimmune disease, mucosal pemphigus vulgaris (mPV), which is a rare skin disorder that causes painful blisters and sores on mucous membranes leading to severe and sometimes debilitating and life-altering effects. An IND submission is planned for 2H19.