Star Therapeutics Secures $125M Series D Funding to Advance Von Willebrand Disease Drug
BOSTON – February 29, 2024 – Star Therapeutics announced today the completion of a $125 million Series D financing round, bolstering progress of its lead candidate, VGA309, for the treatment of Von Willebrand disease (VWD). The funding will support an ongoing Phase 3 clinical trial and further exploration of the drug’s potential in other blood disorders.
Von Willebrand disease, a common inherited bleeding disorder, affects an estimated 1% of the global population, yet has seen limited therapeutic innovation.Star Therapeutics aims to change that with VGA309, a preventive antibody drug designed to prevent bleeds for longer durations than current therapies and administered via subcutaneous injection. Unlike some competing approaches, VGA309 is designed to be effective across all types of VWD and bleeding presentations.
“There hasn’t been any innovation as there hasn’t been that recognition of the disease burden and the market potential, and I think now that is starting to change,” said Adam rosenthal, founder and CEO of star Therapeutics.
VGA309 targets protein S, boosting the generation of thrombin, a key enzyme in blood clotting. Interim results presented at the American Society of Hematology meeting last year garnered significant investor interest, prompting the new funding round. The Phase 3 trial commenced in September 2023.
The Series D round was co-led by Sanofi Ventures and Viking Global Investors, with participation from eighteen investors. Jason Hafler, managing director at Sanofi Ventures, described VGA309 as “a compelling chance” in a statement.
Founded in 2018,Star Therapeutics has now raised over $300 million,including a $90 million Series C round in 2023. The company is considering both independent commercialization and potential partnerships with pharmaceutical companies, and has not ruled out an initial public offering.
“It’s one of those rare circumstances where the market potential is so big, but the spend to get to market is actually quite small,” Rosenthal noted. ”It’s something that an independent biotech can very easily do on their own.”
