Angitia Biopharmaceuticals, a clinical-stage biotech firm with operations in the US and China, has secured $120 million in a Series C round of financing led by Bain Capital Life Sciences.
The Woodland Hills, California-based company also raised capital from new investor Janus Henderson and existing investors including US healthcare investment firm OrbiMed, as well as 3H Health Investment, Yonghua Capital, Legend Capital, and Elikon Venture from China.
The new proceeds will support Angitia’s pipeline of novel, differentiated treatments for serious musculoskeletal diseases, the firm announced in a press release on Monday evening.
Dr. Norbert Riedel – who serves on the board of directors of Jazz Pharmaceuticals and Eton Pharmaceuticals, and chairs the board of Alcyone Therapeutics – will join Angitia’s board of directors following the deal.
Established in 2018 and led by its founder and CEO Dr. David Ke, Angitia is advancing AGA2118 and AGA2115, the two molecules that the firm claims to represent the next generation of dual-acting treatments for skeletal disease, increasing bone formation and decreasing bone resorption. It is also developing AGA111, a biologic to promote spinal fusion in patients with degenerative disc disease.
The firm is enrolling patients in a Phase II study in postmenopausal women with AGA2118. AGA2115 is currently in a first-in-human study, while AGA111 is being explored for use in patients undergoing lumbar interbody fusion in a Phase III study.
Angitia raised the Series C round just 10 months after its completion of a $40-million Series B extension round led by YueKai Health Venture, a venture capital (VC) firm funded by China’s state-owned GZHT Technology Holdings. Combined with a $46-million Series B+ round in October 2023 and the main tranche of $70 million in November 2021, the startup has gathered a total of $156 million at its Series B funding stage.
Hillhouse’s VC arm GL Ventures was the lead investor of Angitia’s Series A round in August 2020. The startup raised “tens of millions of US dollars” in the Series A round, with the support of participating investors like OrbiMed Asia and Oriza Holdings’ seed- and growth-stage investment platform Oriza Seed.
