CARMEL, Ind.--(BUSINESS WIRE)--MBX Biosciences, a drug discovery company focused in rare endocrine diseases, today announced the closing of a $34.6 million Series A financing. The financing was led by Frazier Healthcare Partners, with participation from OrbiMed, New Enterprise Associates, Indiana Philanthropic Venture Fund (IU PhV), Indiana Seed Fund III (managed by BioCrossroads) and Twilight Venture Partners II.
Proceeds of the financing will support MBX as it advances its preclinical pipeline of peptide therapeutic candidates directed at clinically validated molecular targets. The company is built upon the medicinal expertise and chemical technologies invented at the Indiana University laboratory of Professor Richard DiMarchi, Ph.D., co-founder and chief scientific officer of MBX. The company seeks to address rare endocrine disorders with substantial unmet medical need.
“With the support of these leading life science investors, we are equipped to advance our drug candidates toward clinical investigation in underserved disease areas,” said Kent Hawryluk, president and chief executive officer of MBX. “We are excited to assemble a team with a proven track record in discovering and developing novel drugs to address unmet medical needs.”
In conjunction with the financing, MBX has appointed three new members to its board of directors: Patrick Heron, managing partner of Frazier Healthcare Partners; Carl Gordon, Ph.D., managing partner of OrbiMed; and Ed Mathers, general partner of New Enterprise Associates. They join Mr. Hawryluk and Dr. DiMarchi.
“Following the successful history of Marcadia Biotech and Calibrium with Richard and Kent, Frazier is proud to fund the next stage of MBX’s development,” said Mr. Heron. “Together with OrbiMed and NEA, we look forward to helping build another world-class drug development company in Indianapolis with this leadership team.”
About MBX Biosciences
MBX Biosciences is a biotechnology company creating therapies for rare endocrine diseases. Members of MBX’s leadership team previously collaborated in the creation of highly successful endocrine drugs (Humalog®, Forteo®) and three Indiana-based companies (Marcadia, Calibrium and MB2). MBX is strengthened by world-class proprietary technology and drug candidates licensed from the DiMarchi Indiana University laboratory. The company is supported by investment from leading life science investors that include Frazier Healthcare Partners, OrbiMed, and New Enterprise Associates. For more information, please visit mbxbio.com.