The funding takes Istesso’s latest round to $13m as the company continues clinical trials on an immunometabolic drug licensed from an Aberdeen spinout in 2007.
Istesso, a UK-based immuno-metabolism drug developer with links to University of Aberdeen research, extended its latest funding round to £10m ($13m) on Friday with a £4m ($5.2m) contribution from undisclosed investors.
The additional tranche follows an initial close in December 2018 backed by commercialisation firm IP Group, its fund management division Parkwalk Advisors and venture capital firm Puhua Capital.
Founded in 2017, Istesso is developing treatments for inflammatory autoimmune diseases including rheumatoid arthritis and multiple sclerosis, which cause the body’s immune system to attack itself, as well as for cancer.
The company’s strategy depends on empowering immune system cells to draw more energy from nutrients in the body, a biological mechanism known as the immunometabolism. It plans to do this by reprogramming the cells to exploit alternative metabolic pathways.
Istesso’s lead candidate, MBS2320, will target rheumatoid arthritis and is currently in phase 2a clinical trials. The drug could also be helpful in treating cancer and ulcerative colitis, a chronic inflammation of the colon and rectum.
Istesso launched in 2017 as a new holding company for the assets of IP Group drug development subsidiary Modern Biosciences (MBS), which licensed MBS2320 from University of Aberdeen spinout OsteoRX in 2007.
MBS had obtained an undisclosed sum in 2014 from an R&D agreement with healthcare firm Johnson & Johnson subsidiary Janssen Biotech, however it was unclear whether the deal involved any equity.
