Augustine Therapeutics has successfully completed its Series A financing round, raising a total of $84.8 million, which the Belgium-based biotech will use to launch a phase 1 trial for its lead asset in Charcot-Marie-Tooth disease.
Augustine says it plans to start a phase 1/2 proof-of-concept clinical trial for AGT-100216, an orally available HDAC6 inhibitor, in Charcot-Marie-Tooth disease — the most common hereditary disorder of the peripheral nervous system — “imminently.” According to the biotech, AGT-100216’s novel non-hydroxamate, non-hydrazine producing approach seeks to avoid the limitations of previous HDAC6 inhibitors.
Beyond AGT-100216, Augustine has two other programs in discovery targeting peripherally-restricted and blood-brain barrier-penetrant HDAC6 inhibitors for undisclosed neurodegenerative and cardio-metabolic indications.
The oversubscribed financing was co-led by Novo Holdings and Jeito Capital, supported by existing investors Asabys Partners, Eli Lilly, AdBio partners, V-Bio Ventures, PMV, VIB, Gemma Frisius Fund, the U.S.-based Charcot-Marie-Tooth Research Foundation and Newton Biocapital.