Paragon Therapeutics Recognizes Key Milestones and Leadership Appointment for First Spinout, Apogee Therapeutics
Lead program, APG777, a novel subcutaneous half-life extended anti-IL-13 antibody, discovered by Paragon, enters first-in-human clinical trial
Apogee Therapeutics' recently announced upsized IPO further demonstrates the value of best-in-class antibodies for immunological and inflammatory disorders
Mark McKenna, former Chairman, President & CEO of Prometheus Biosciences, joins Apogee as Chairman of the Board of Directors
WALTHAM, Mass., Aug. 29, 2023 /PRNewswire/ -- Paragon Therapeutics, Inc., a biotechnology company dedicated to discovering and developing best-in-class biologics for a range of diseases with high unmet need, today announced the achievement of key milestones by its first spinout company, Apogee Therapeutics (Nasdaq: APGE).
Apogee recently announced upsizing of its initial public offering (IPO) with aggregate proceeds of $345 million, followed shortly by the initiation of the first-in-human clinical study of its lead asset, APG777—a potentially best-in-class biologic discovered by Paragon—in development for the treatment of moderate-to-severe atopic dermatitis (AD) and other inflammatory diseases.
In preclinical studies, APG777 has demonstrated similar potency to current therapies, with a significantly longer half-life that could enable less frequent dosing. First-generation anti-IL-13 antibodies are dosed every two to four weeks. Extended biologic half-life can reduce dosing to once every two or three months—a potentially transformative change in the standard of care for people living with moderate-to-severe AD.
"The success of Apogee's IPO and initiation of a clinical trial of its lead candidate are exciting milestones that underscore the value of our partnership for rapid advancement of potentially best-in-class biologics to market," said K. Evan Thompson, Ph.D., COO of Paragon. "The initiation of clinical evaluation highlights the strength of our partnership with Apogee and commitment to the accelerated development of improved treatment options for patients."
Building on these important milestones, Apogee recently appointed industry veteran Mark McKenna, former Chairman, President and CEO of Prometheus Biosciences, as Chairman of the Board of Directors. McKenna will work closely with Apogee leadership to advise on market opportunities, business development, and bringing new therapeutics to patients based on his extensive experience and successful track record in the inflammation and immunology space.
Apogee launched in December of 2022 with $169 million in funding and a pipeline of potentially best-in-class biologics addressing immune and inflammatory diseases originating from Paragon's discovery engine. With $345 million in proceeds from its upsized IPO and access to public markets, Apogee will continue clinical development of its biologics portfolio with the aim of overcoming the limitations of existing therapies for common inflammatory and immunology (I&I) diseases.
About Paragon Therapeutics
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.
About Fairmount
Fairmount Funds Management LLC is a Philadelphia-based investment firm dedicated to investing in promising new therapies pursued by biotechnology and life science companies.
Media contact:
Peg Rusconi, Verge Scientific Communications
SOURCE Paragon Therapeutics
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