In a significant stride towards advancing treatments for severe bone and connective tissue disorders, āshibio emerges from stealth mode with a remarkable $40 million infusion from its Seed and Series A financing rounds. Spearheaded by MPM BioImpact and bolstered by investments from Agent Capital, YK Bioventures, and Mirae Asset Venture Investment, this funding positions āshibio to accelerate its pioneering research initiatives and clinical trials.
Founded in 2022 under the visionary leadership of Chief Executive Officer Dr. Pankaj Bhargava, āshibio leverages breakthrough insights to combat debilitating conditions such as fibrodysplasia ossificans progressiva (FOP). FOP, a rare genetic disorder characterized by abnormal bone growth outside the skeleton, poses significant challenges with its painful flare-ups and life-altering consequences.
“We are dedicated to transforming the landscape of bone and connective tissue disorders through innovative therapeutics that address critical unmet needs,” remarked Dr. Bhargava. “This funding validates our approach and underscores the potential of our lead asset, andecaliximab, in mitigating the devastating impact of FOP and related conditions.”
āshibio’s lead program centers on andecaliximab, a promising humanized antibody acquired from Gilead Sciences, Inc. Known for its inhibition of matrix metalloproteinase-9 (MMP-9), andecaliximab has shown promise in preclinical and clinical settings, offering hope to patients grappling with severe heterotopic ossification (HO).
Victoria Smith, Ph.D., recently appointed as Chief Scientific Officer, highlighted, “Our strategy hinges on novel biological insights and strategic partnerships to expedite the development of therapies that can significantly improve patient outcomes. This milestone marks a pivotal moment for āshibio as we advance towards initiating Phase 2/3 trials for andecaliximab later this year.”
Joining Dr. Bhargava in steering āshibio’s mission is Deborah Wenkert, M.D., a seasoned expert in pediatric rheumatology, now serving as Chief Medical Officer. Dr. Wenkert brings a wealth of experience from her tenure at Inozyme Pharma and Amgen, reinforcing āshibio’s commitment to clinical excellence and patient-centric innovation.
Todd Foley, managing partner at MPM BioImpact and Chair of āshibio’s Board of Directors, emphasized the company’s trajectory, stating, “āshibio is at the forefront of pioneering treatments for bone disorders, positioning itself for significant clinical advancements and potential breakthroughs in the coming years.”
Looking ahead, āshibio will present updates on its andecaliximab FOP program at esteemed scientific forums, including the FOP Drug Development Forum and the International Conference on Children’s Bone Health, underscoring its dedication to scientific rigor and transparency.
For more information on āshibio and its transformative work in bone and connective tissue disorders, visit www.ashibio.com.
About āshibio: āshibio is a privately held biotechnology company focused on developing novel therapeutics for severe bone and connective tissue disorders. Founded in 2022 by Dr. Pankaj Bhargava and supported by MPM BioImpact, āshibio aims to revolutionize treatment paradigms through cutting-edge research and clinical innovation.
