Maxion Therapeutics, a biotechnology company developing antibody-based KnotBody drugs for ion channel- and G protein-coupled receptor (GPCR)-driven diseases, announced that it has raised $72 million (£58 million) in a Series A financing. The funding reaffirms the potential of Maxion’s proprietary KnotBody technology and development pipeline and its opportunity to address significant global markets.
This oversubscribed Series A funding round was led by General Catalyst, with additional investment from new investors British Patient Capital, a commercial subsidiary of the British Business Bank, Solasta Ventures, and Eli Lilly and Company. It was supported by existing investors LifeArc Ventures, Monograph Capital, and BGF.
Maxion is also developing a proprietary pipeline of KnotBody molecules with high potential. And Maxion’s lead KnotBody program, MAX001, is currently in preclinical development to target a broad spectrum of inflammatory diseases, such as atopic dermatitis and inflammatory bowel disease. The other early-stage programs include KnotBody molecules for treating pain and cardiovascular disease.
Ion channel and GPCR dysfunction are implicated in various debilitating diseases, and current treatments, based on small molecule drugs, often suffer from poor efficacy and side effects due to the lack of selectivity and exposure. Compared to small molecules, engineered antibodies offer superior selectivity and are well-proven therapeutically. Despite the obvious advantages, antibody discovery against ion channels and GPCRs has been very challenging with no antibodies against ion channels currently in clinical development.
Co-founders Dr. John McCafferty and Dr. Aneesh Karatt-Vellatt developed Maxion’s revolutionary KnotBody technology. This technology combines the benefits of knottins (cysteine-rich mini-proteins that are natural ion channel modulators) with antibodies, creating safe, efficacious, and long-acting ion channel modulators.
Following the funding, Elena Viboch, Managing Director at General Catalyst and Emma Johnson, Senior Investment Manager, Life Sciences at British Patient Capital will join the Maxion Board.
KEY QUOTES:
“This landmark fundraising – one of the largest European private biotech financings since the beginning of 2024 – highlights the significant potential of our technology and development pipeline. KnotBodies represent a potential breakthrough biologic drug modality, delivering greater potency, selectivity, and durability. We believe that KnotBodies will provide transformational new therapeutic options for ion channel- and GPCR-driven diseases, across a wide range of therapeutic areas with a remaining high unmet medical need. The calibre of our international investor syndicate validates our approach, and I would like to welcome our new investors to Maxion and thank our existing investors for their continued support.”
- Arndt Schottelius, MD PhD, Maxion’s Chief Executive Officer
“We believe Maxion is radically shifting the biologics discovery process to address the most challenging drug targets such as ion channels and GPCRs. With a strong team and differentiated platform, Maxion is well-positioned to discover and develop medicines that matter.”
- Elena Viboch, Managing Director at General Catalyst
