- Additional funding from new investor Korys, joining existing syndicate members Novo Holdings and Bioqube Ventures, brings total seed financing to €21.5m
- Funds will be used to further develop Commit's BiCE platform and move towards drug candidate (DC) selection
- Eva Van Overmeire, Senior Investment Manager at Korys, also joins Commit's Board of Directors
- Mikkel Wandahl Pedersen appointed as interim CEO
AARHUS, Denmark, Jan. 28, 2025 /PRNewswire/ -- Commit Biologics ("Commit"), a pioneer in the activation of the complement system to treat cancer and autoimmune disease, today announces a €5.5m extension to its seed financing. The contribution from new investor Korys brings the total seed financing raised since Commit's launch to €21.5m. Commit emerged from stealth last May, having raised €16m from Novo Holdings and Bioqube Ventures.
The proceeds of the financing, which will be used to advance the BiCE platform and work towards drug candidate selection, extend Commit's runway into late 2026.
Commit is developing its Bispecific Complement Engaging (BiCE) platform, which uses single domain antibodies that bind to the complement protein C1q to activate and direct the complement system, a fast-acting and potent part of the innate immune system. BiCE is a modular system that can arm antibodies to direct the complement system in a highly targeted way to selectively kill tumor cells or cells implicated in autoimmune disease.
To execute the plan, Commit has appointed Chief Scientific Officer Mikkel Wandahl Pedersen as Interim CEO. Dr Pedersen is a seasoned R&D executive and scientific leader with over two decades of experience in immuno-oncology and autoimmune disease drug discovery and development. He joined Commit last year after previously serving as CSO of Oslo-based Nykode Therapeutics and Denmark-based Symphogen. Dr Pedersen retains his role as Commit's CSO.
Dr Mikkel Wandahl Pedersen, Interim Chief Executive Officer, and CSO, of Commit Biologics, said: "This additional financing from Korys, a new investor, underscores the great potential of our BiCE platform to redefine the treatment of cancer and autoimmune disease. We welcome Eva to our Board of Directors, where her expertise will be invaluable as we work towards drug candidate selection. The additional financing further extends our cash runway into late 2026, and we remain hyper-focused on progressing our platform to the next stage of our development."
Eva Van Overmeire, Senior Investment Manager at Korys, said: "Commit is pioneering a unique platform technology that robustly activates the complement system and easily integrates with existing antibody formats in a plug-and-play fashion. This innovative technology holds the promise of significantly improving the lives of patients battling cancer and autoimmune diseases. We are impressed with the progress already made by the Commit team since the initial seed financing and we are confident they have the expertise to drive the platform forward."
About Commit Biologics
Commit Biologics (Commit) is a pioneer in activating the complement system to kill specific target cells, with applications in cancers and autoimmune diseases. Spun out of Aarhus University, and building on more than three decades of research, Commit's Bispecific Complement Engaging (BiCE) platform can supercharge a conventional monoclonal antibody to activate the complement system more effectively. This is achieved by combining single domain antibodies that engage C1q, the starting point for the complement activation cascade, with an antibody that binds to a cellular target. The modular approach of the BiCE technology can be used to develop therapeutics across multiple tumor-associated antigens and immune cell targets. Complement is a largely untapped aspect of the body's natural immune system that leverages both the direct cytolytic activity of complement along with its ability to bridge recruitment and activation of both innate and adaptive immune cells - a new approach to killing cells which can be used in combination or on a standalone basis. Commit is backed by major investors including Bioqube Ventures and Novo Holdings.
About the complement system
The complement system is part of the body's immune system that has previously been largely untapped therapeutically. The activation of the classical complement pathway, which has a role in health for pathogen defense, begins with the engagement of C1q to antibodies that coat the cell surface and ends with the activation of a cytolytic complement complex directly leading to cell lysis. However, current monoclonal antibodies developed for therapeutic purposes have structural restraints that hinder effective engagement to C1q, thus limiting complement mediated cytotoxicity and other complement mediated effector functions. This, plus the presence of natural cell bound complement inhibitors that are upregulated in cancer, and low target densities, make conventional therapeutic antibodies poor complement activators. Commit's BiCE technology was developed to overcome these barriers, to harness the power of the complement system and direct it towards tumor and immune cells for therapeutic applications. Unleashing this power in a highly targeted way with Commit's technology potentially allows for a broad therapeutic index and the development of highly effective treatments.
About Korys
Korys is the investment company of the Colruyt family and creates sustainable added value in 3 ecosystems: Conscious Consumer, Healthy Living, and Energy Transition. Korys does this in partnership with entrepreneurs and companies who share its commitment to value-driven entrepreneurship and sustainability while leveraging the expertise of a highly motivated team of 30 professionals in Belgium and India. Thanks to its dedication, craftsmanship and strong financial foundation, Korys can make long-term commitments.
Over the past two decades, Korys built a portfolio of sustainable investments worth over €4 billion. Besides more than 20 direct investments, including Colruyt Group and Virya Energy, Korys also manages private equity funds and investments in listed instruments.
View original content:https://www.prnewswire.co.uk/news-releases/commit-biologics-announces-5-5m-seed-financing-extension-investment-by-korys-to-further-develop-its-bispecific-complement-engaging-bice-platform-302361083.html
