Paragon Therapeutics Launches First Spinout, Apogee Therapeutics, to Advance Novel Therapies for Inflammatory and Immunological Conditions

Apogee emerges with $169 million to expand team and progress lead program APG777 into the clinic

Milestone validates Paragon's strategy to rapidly deliver best-in-class biologic therapies to patients

WALTHAM, Mass., Dec. 7, 2022 /PRNewswire/ -- Paragon Therapeutics, a biotechnology company dedicated to discovering and developing best-in-class biologics for a range of diseases with high unmet need, today announced the launch of Apogee Therapeutics, LLC, its first spinout. Apogee is advancing a pipeline of product candidates discovered and developed at Paragon that have potential to reach millions of people living with inflammatory and immunological disorders.

Building on validated protein engineering technologies, Paragon leverages cutting-edge science and technology to rapidly identify and propel biologics from ideation to the clinic. The company's process combines high-throughput screening systems and optimization techniques to isolate the best possible drug candidates with a CMC model that enables quick and reliable production—aimed at delivering targeted treatment options to patients.

"At Paragon, we are thrilled to announce the launch of Apogee Therapeutics as our first independent company, and we are confident that the Apogee team is well positioned to execute and demonstrate therapeutic leadership in areas of high unmet need," said K. Evan Thompson, Ph.D., Chief Operating Officer of Paragon. "The debut of Apogee validates our approach to advancing best-in-class biologics to patients through a range of opportunities, from new company creation and strategic partnerships to shaping programs in-house with our experienced and proven team."

Apogee was founded in 2022 by Fairmount and Venrock Healthcare Capital Partners and has raised $169 million in financing to date, including an oversubscribed $149 million Series B round co-led by Deep Track Capital and RTW Investments, LP. Under the guidance of CEO Michael Henderson, M.D., the funding is expected to support key leadership, science, and clinical team hires and progress its lead pipeline program, APG777, to the clinic in 2023. As part of its agreement with Paragon, Apogee has an option for exclusive development and commercial rights to a suite of top-tier antibodies specifically engineered to target some of the largest and highest unmet needs in inflammatory and immunological conditions.

"Paragon has mastered the design and development of transformative therapies that meet the highest needs for inflammatory and immune diseases," said Dr. Henderson. "We are excited to build on their work to deliver life-changing therapies that improve patients' lives."

Paragon was founded in 2021 by Fairmount and is led by a team of innovators with deep expertise in biologics engineering and development. The company's collaboration with FairJourney Biologics expands its reach and capabilities through dedicated antibody discovery experts and resources. In addition to those partnered with Apogee, Paragon is currently advancing multiple differentiated programs for a range of diseases.

Paragon Therapeutics, Inc. is a biotechnology company leveraging cutting-edge science and technology to identify and propel best-in-class biologics into the clinic for a range of human diseases with high unmet needs. The company rapidly advances therapies through a range of opportunities, from new company creation and strategic partnerships to shaping programs in-house. Founded by Fairmount in 2021 as a joint venture with FairJourney Biologics, Paragon Therapeutics is based in Waltham, Mass. For more information, please visit www.paragontherapeutics.com.

Apogee Therapeutics, LLC is a biotechnology company advancing novel, potentially best-in-class therapies to address the needs of the millions of people living with immunological and inflammatory disorders. Apogee is building a pipeline of product candidates targeting clinically validated biology and well-established development pathways. Based in San Francisco, Calif., Apogee was founded in 2022 by Fairmount and Venrock Healthcare Capital Partners and is backed by leading healthcare investors. To learn more visit: www.apogeetherapeutics.com.

Fairmount Funds Management LLC is a Philadelphia-based investment firm dedicated to investing in promising new therapies pursued by biotechnology and life science companies.

SOURCE Paragon Therapeutics