Loyal – a biotech company pioneering longevity drugs for dogs – announced that it has completed its Series B funding round, securing $45 million in funding. Bain Capital Ventures led the funding round. Most major existing investors from Loyal’s previous financings – including Khosla Ventures, First Round Capital, Box Group, Collaborative Fund, Quiet Capital, and Todd & Rahul’s Angel Fund – joined this round. And Bain Capital Ventures and Valor Equity Partners are new investors.
With this funding round, Loyal has raised over $125 million, including a $12 million credit facility from Bridge Bank (part of Western Alliance Bank). The Series B funding will support continued development with an expected product launch in early 2025 (pending FDA approval).
This funding round follows several significant milestones for Loyal:
1.) Earning what Loyal believes would be the FDA’s first-ever formal acceptance that a drug can be developed and approved to extend lifespan. The agency’s Center for Veterinary Medicine is leading the FDA review.
2.) The company completed the technical effectiveness section of the conditional approval application for LOY-001’s use in large dog lifespan extension.
3.) Launching the STAY study, the pivotal effectiveness study for LOY-002, in development for dog lifespan extension. STAY will include over 1,000 dogs across over 50 veterinary sites in the United States.
4.) Progress has continued toward the other FDA dossier approvals necessary for LOY-002 conditional market approval in early 2025.
5.) Strong dog owner and veterinary engagement and interest in Loyal’s products.
Loyal currently has three drugs in development for extending healthy lifespans in dogs. LOY-001 and LOY-003 are designed for large-breed dogs, and LOY-002 is designed for senior dogs 14+ pounds. The company expects that LOY-002 will be available in early 2025 (pending FDA conditional approval).
KEY QUOTES:
“This fundraise fuels our efforts to bring to market what we hope will be the first FDA-approved drug to extend healthy lifespan. All of our work is centered on giving dogs longer, healthier lives. I’m proud of the work the team has done to date and we have a very important and challenging vision to realize. I’m excited to work with our new and existing investors and continue to make FDA-approved dog longevity drugs a reality.”
– Celine Halioua, Founder and CEO of Loyal
“Celine and her innovative, passionate, and responsible team at Loyal are making fast progress toward approved longevity medicines. For the 65 million households in America with a dog, Loyal’s promise means longer, healthier dog lives – more priceless memories of excited greetings at the door, games of fetch in the park, and cozy afternoons together on the couch.”
– Kevin Zhang, Partner at Bain Capital Ventures
