Biopharma Company Earns Fresh Funds to Push PAR Therapeutics to Clinic

by DailyBriefers
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Money Bag

Attralus Therapeutics has had a fresh set of faces shuffling into its executive suite in the past few months. And apparently with new leadership comes new funding opportunities.

On Wednesday, the South San Francisco-based biopharmaceutical company announced that it has completed a $116 million Series B financing round. The monies will be used to advance the company’s pipeline of transformational pan-amyloid removal (PAR) therapeutics into the clinic.

The company’s first PAR therapeutic, dubbed AT-03, is expected to begin a Phase I biodistribution study in systemic amyloidosis patients. Attralus also plans to use the funding to advance its AT-01 clinical program and expand its team to support future growth of the company.

The Series B round was led by Logos Capital, with participation from another handful of investors including Founding investor venBio Partners.

“This financing from a world-class syndicate of investors with deep expertise and experience in the life science space reflects the recognition of the strong potential of our pipeline of innovative pan-amyloid removal (PAR) therapeutics to bring a new treatment approach to patients with systemic amyloidosis,” said Mark Timney, chief executive officer of Attralus.

Timney joined Attralus back in May as CEO and a member of its board of directors, bringing over 30 years of leadership experience at publicly traded and global pharmaceutical companies to the table. He most recently served as CEO of The Medicines Company until it was bought by Novartis AG for $9.7 billion in 2020.

“I see an extraordinary opportunity for Attralus to advance novel pan-amyloid removal therapies that open the potential to treat and reverse disease in patients with all types of systemic amyloidosis,” Timney said at the time of his appointment announcement. “There are extensive, unmet medical needs that can be addressed by diagnosing and therapeutically removing toxic, disease-causing amyloid in patients with systemic amyloidosis.”

Timney’s appointment was part of a wave of new executive announcements in May. Attralus named four additional executives to its leadership team, including Gregory Bell, M.D. as chief medical officer, Glen Firestone as chief business officer, Krishna Gorti, M.D. as head of corporate development and Michael Klein, Ph.D. as head of chemistry, manufacturing and controls.

The company also named two new directors to its board of directors in the past quarter: Jake Bauer as an independent director and Alexander Denner, Ph.D.

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