Ouro makes debut with $120m for autoimmune disease TCEs
A new biotech start-up – Ouro Medicines – launched today with $120 million in funding from a Series A and a plan to develop bispecific antibody-based T-cell engager (TCE) therapies for autoimmune diseases.
Founded by Monograph Capital and GSK, the San Francisco–based company has entered the stage with one clinical-stage programme – a BCMA-directed, bispecific TCE licensed from China's Keymed Biosciences codenamed OM336 – and a following pipeline of drugs for chronic immune-mediated diseases.
OM336 is already in a phase 2 trial in China as a potential treatment for blood cancer multiple myeloma, relying on the use of the drug to attack malignant cells that express BCMA.
Starting later this year, Ouro intends to start a phase 1 clinical trial of its own, eyeing the development of the drug for immune diseases like systemic lupus erythematosus, scleroderma, rheumatoid arthritis, Sjögren's, and myositis – which are driven by BCMA-expressing B-cells that can be depleted using the bispecific antibody.
The company said it has supportive proof of concept data from off-label use of BCMA-directed TCEs in these indications.
That approach – described by Ouro as an "immune reset" – could result in durable remissions in these autoimmune conditions without the need for ongoing immunosuppression using drugs that can have significant side effects, according to the company.
The company is led by Jaideep Dudani, a portfolio principal at Monograph who was also involved in the creation of Hi-Bio, another immune-focused biotech that was acquired by Biogen last year for $1.8 billion, $1.15 billion of that upfront.
TCEs have become a major focus of R&D in the biopharma sector because of their potential as cancer immunotherapies, revving up the immune system to fight tumours, but Ouro has joined a smaller but growing group seeking to harness them in the opposite direction.
"We see a tremendous opportunity to define the future of treatment for people with immune-mediated diseases because the standard of care today leaves a lot to be desired," said Dudani.
He is joined in an Ouro C-suite by chief medical officer Neely Mozaffarian – formerly of GentiBio and Atomwise, as well as pharma groups Johnson & Johnson, Gilead, Eli Lilly, and AbbVie – and chief development officer Kevin Baker, who previously held the same role at Pionyr Immunotherapeutics. Christina Carlson – another Hi-Bio veteran – has joined the start-up as chief administrative officer.
The Series A was co-led by TPG and Norwest Venture Partners, with participation from Monograph, GSK, UPMC Enterprises, Boyu/Zoo Capital, LongRiver Investments, and other unnamed investors.
