Avammune Therapeutics raises $12 Mn in Series A funding round

Entrackr · 1d

Avammune Therapeutics and its subsidiary, Avammune Lifesciences, have secured $12 million (around Rs 100 crore) in a Series A financing round co-led by Capital 2B, Shastra VC, and Kotak Lifesciences Fund I, a fund managed by Kotak Alternate Asset Managers, with participation from IvyCap Ventures alongside existing investor 1Crowd. The proceeds will be utilized to accelerate its proprietary pipeline, which targets the innate immune system, to develop orally bioavailable small molecules and support the clinical development of lead candidate AVA-NP-695 (an ENPP1 inhibitor), Avammune Therapeutics said in a press release. Co-founded in 2020 by Arun B. Papaiah, Srinivasan Namala, and Aditya Kulkarni, Avammune Therapeutics is a biopharmaceutical company discovering small molecule medicines that target the innate immune system for the treatment of cancer and autoimmune disorders. Its pipeline targets Osteosarcoma, Ewing’s Sarcoma, Triple-Negative Breast Cancer, GI cancers, and autoimmune disorders. According to Avammune, its lead asset is an ENPP1 inhibitor that has demonstrated strong anti-tumor efficacy in several preclinical models of cancer and also in veterinary cancer patients in “compassionate use” settings. AVA-ADR is a potential first-in-class ADAR1 p150 inhibitor and one of the only ADAR1 inhibitors in the landscape to demonstrate in vivo efficacy. According to market research, the global immuno-oncology market is about $100 billion and is rapidly growing at a CAGR of 17%.