LOUISVILLE, Ky.--(BUSINESS WIRE)--Apellis Pharmaceuticals, Inc., a clinical-stage biopharmaceutical company developing a platform of novel therapeutic compounds for the treatment of autoimmune diseases, today announced the closing of a $60 million Series E preferred stock financing led by Sectoral Asset Management. New investors include Sofinnova, Vivo Capital, F-Prime Capital Partners, certain investment funds advised by Clough Capital Partners L.P., and venBio Select. Existing investors Morningside Ventures, Cormorant Asset Management, venBio Global Strategic Fund, and Epidarex Capital also participated in the financing.
The proceeds of the financing will be used to initiate Phase 3 trials with APL-2 in paroxysmal nocturnal hemoglobinuria (PNH), a rare, chronic, life-threatening blood disorder, and advance development in other indications. Positive Phase 1b results in PNH were recently reported, and, later in 2017, results are expected from a Phase 1 study in autoimmune hemolytic anemia and a Phase 2 study in geographic atrophy, an advanced form of age-related macular degeneration.
“Data generated to date with APL-2 across a range of clinical indications support our belief that C3 inhibition has great potential to deliver novel and commercially successful treatments,” commented Cedric Francois, MD, PhD, founder and Chief Executive Officer of Apellis.
"This group of top tier investors supports our vision of developing APL-2 to its full potential, and of providing a range of differentiated treatments to patients with serious unmet medical needs,” he added. “The remainder of this year will see significant milestones for Apellis.”
As part of this financing, Maha Katabi, PhD, CFA, Partner, Private Equity at Sectoral Asset Management will join Apellis’ Board of Directors. “APL-2 is a molecule with the potential to disrupt current treatment paradigms in a range of complement-mediated conditions,” noted Dr. Katabi. "We are pleased to support Apellis, and help the Company reach its next growth objectives.”
Apellis Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company, focused on the development of a platform of novel therapeutic compounds for the treatment of a broad range of autoimmune diseases based upon complement immunotherapy. Uncontrolled complement activation can lead to a wide range of life-threatening or debilitating disorders. Apellis is the first company to advance chronic therapy with a C3 inhibitor into clinical trials. Apellis is currently evaluating its lead product candidate in Phase 1b clinical trials in paroxysmal nocturnal hemoglobinuria, and in a Phase 2 clinical trial in geographic atrophy, an advanced form of dry age-related macular degeneration. For additional information about Apellis, please visit www.apellis.com.
APL-2 is a synthetic cyclic peptide conjugated to a polyethylene glycol (PEG) polymer that binds specifically to C3 and C3b, effectively blocking all three pathways of complement activation (classical, lectin, and alternative).