Heritage Medical Systems has backed a $25m series B round for the Caltech spinout, which is developing therapies for Parkinson’s and Autism spectrum disorder.
US-based biopharmaceutical company Axial Biotherapeutics completed a $25m series B round yesterday that included a commitment from healthcare provider Heritage Medical Systems.
Health for Life Capital, a fund managed by Seventure Partners, led the round, investing alongside investment managers Longwood Fund and Domain Associates, as well a group of high-net-worth individuals based in Southern California.
Axial is developing treatments for central nervous system disorders by targeting the connections between the brain and the human gut microbiome. The company is focusing on neurological diseases, including Parkinson’s and Autism spectrum disorder (ASD).
The company’s lead drug candidate, AB-2004, is expected to enter a phase 1b/2a clinical trial in ASD adolescents in the first quarter of this year.
In 2016, Axial Biotherapeutics spun out of the Mazmanian Laboratory at California Institute of Technology with a $19.2m series A round co-led by Longwood Fund and Domain Associates, with participation from Heritage Medical Systems, Kairos Ventures and private investors.
David Donabedian, co-founder and chief executive of Axial Biotherapeutics, said: “We appreciate the strong support from our existing investors and are excited to welcome Seventure, who are deeply committed to supporting visionary companies like Axial, into our investor group.
“Leveraging the gut-brain axis, we have made extensive progress in our translational research and are excited to progress our clinical programs in 2019.”
– This article first appeared on our sister site, Global Corporate Venturing.
