- December 29, 2017
- Posted by:
- Category: FundingSMEs.com
resTORbio, Inc., a clinical-stage biopharmaceutical company focused on the development and commercialization of novel therapeutics for the treatment of aging-related diseases, today announced the completion of an oversubscribed $40 million Series B financing round. The round was led by OrbiMed and included participation from Fidelity Management & Research Company, Rock Springs Capital, Quan Capital and Nest Bio.
This financing brings the total capital raised this year to $65 million, including a $25 million Series A financing that was completed earlier this year. resTORbio plans to use the proceeds to advance the development of RTB101, a selective Target of Rapamycin Complex 1 (TORC1) inhibitor through Phase 2b clinical trial and, if successful, into a Phase 3 clinical program, as an immunotherapy to reduce the incidence of respiratory tract infections (RTIs) in elderly subjects. The funds are also expected to be used to expand the program into a Phase 2 clinical trial in an additional aging-related indication.
“We appreciate the support of these seasoned life sciences investors and their confidence in the potential of our TORC1 program to treat diseases related to aging,” said Chen Schor, President and CEO of resTORbio. “RTB101, our selective inhibitor of TORC1, has been demonstrated to enhance immune function in elderly individuals in a randomized, placebo-controlled, phase 2 clinical trial. We believe our approach may provide an opportunity to address multiple aging-related diseases beyond our initial indication for reducing the incidence of RTIs in the elderly. We look forward to reporting data from our Phase 2b clinical trial in the second half of 2018 and to expanding the program into additional indications.”
RTB101, an orally-administered, potent TORC1 inhibitor, is a first-in-class immunotherapy designed to address immunosenescence, the decline in immune function that occurs with age. RTB101, alone and in combination with everolimus, is being evaluated in a Phase 2b clinical trial to reduce the incidence of RTIs in elderly individuals at risk of mortality or morbidity due to RTIs which are caused by a broad spectrum of pathogens. Currently, there are no therapies approved by the U.S. Food and Drug Administration (FDA) that improve immune function in the elderly and thereby reduce the incidence of RTIs.
In connection with the financing, Jonathan Silverstein, Partner and a Co-Head of Global Private Equity at OrbiMed, will join the resTORbio board of directors. “We are excited to be investing in what we believe is the leading company addressing aging-related diseases and conditions. We look forward to contributing to resTORbio’s efforts to advance and expand its program,” stated Jonathan Silverstein.
|Founder / CEO||Unknown|
|Rock Springs Capital|
|Fidelity Management and Research Company|