What's Happening?
Autoimmunity BioSolutions (ABS), a biotechnology company, has announced the completion of a $1 million seed extension financing round, increasing its total seed capital to $3.1 million. The funding round was led by Eos BioInnovation and included participation
from family offices and new investor NewTech Investment Holdings. ABS is developing a genetically-guided immuno-corrective therapy targeting elevated levels of soluble IL7 receptor (sIL7R), which is linked to autoimmune diseases such as rheumatoid arthritis, lupus nephritis, and type 1 diabetes. The company aims to use the funds to advance its research and reach key clinical milestones.
Why It's Important?
The additional funding will enable ABS to further develop its innovative approach to treating autoimmune diseases, which affect millions of people worldwide. By targeting a specific genetic variant associated with increased disease severity and poor response to current treatments, ABS's therapy has the potential to improve outcomes for patients who do not respond well to existing therapies. This approach represents a shift from traditional immunosuppressive treatments to a more personalized and targeted strategy, which could lead to more effective and safer therapies for autoimmune conditions.
What's Next?
ABS plans to use the new capital to complete animal model work and patient bio-sample analyses in its lead indication of rheumatoid arthritis. The company will continue to build on its scientific momentum and explore the potential of its platform to enhance responses to standard-of-care treatments in patients with elevated sIL7R. As ABS progresses towards clinical trials, the company may seek additional funding and partnerships to support its development efforts and bring its therapy to market.
