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Angitia Biopharmaceuticals Announces Completion of $46M Series B Extension Financing

 October 19, 2023 - Angitia Biopharmaceuticals, a global clinical-stage biotechnology company focused on the discovery and development of breakthrough therapies that address the unmet medical needs of patients with serious musculoskeletal disease, announced the closing of a US$46M Series B extension financing led by Morningside Group, and syndicated by 3H Health Investment, OrbiMed, Yonghua Capital, Legend Capital, Oriza Holdings and Elikon Venture. The Series B extension financing brings the total size of the funding round to US$170M. Proceeds from the financing will be used to accelerate the global development of Angitia’s innovative drug candidates for musculoskeletal diseases including AGA111, AGA2115 and AGA2118.

"The support from these renowned life sciences investors is a testament to our team, science and pipeline,” said David Ke, M.D., Founder and CEO of Angitia. “We are eager to advance our pipeline of novel biologics to potentially address the large unmet medical needs of patients with serious musculoskeletal diseases, an area that deserves greater investment and innovation in new therapeutic approaches.”

"Angitia continues to display impressive track records including building a superior international team and meeting key milestones for its pipeline molecules,” commented Morningside Group Dr. Lu Huang. “The global market for the treatment of musculoskeletal disorders is large and growing, especially as the population ages. We look forward to supporting Angitia team in advancing its exciting pipeline to address these major opportunities.”

“In this aging society, the market value of musculoskeletal drugs will continue to increase. Angitia’s diversified therapeutics, backed by in-depth knowledge and thorough understanding of innovative drug development, could potentially enable patients to recover from serious musculoskeletal disease,” commented by Dr. Minchuan Wang, 3H Health. “We are delighted to support Angitia in developing its novel therapies for patients worldwide, which we believe will help people live higher quality and longer lives.”

"OrbiMed invests in companies turning innovative discoveries into new therapies which meet significant unmet clinical needs. Angitia is well positioned to advance its pipelines and to build a leading company in global musculoskeletal therapeutics,” said Dr. David Guowei Wang, OrbiMed. “Since participating in Series A financing, we are excited to witness Angitia’s critical milestones and achievements. We believe Angitia will continue to rapidly develop therapeutics for important musculoskeletal diseases.”

About Morningside Group

Founded in 1986 by the Chan family, Morningside is a technology and life science venture investment firm. With offices in Boston, Shanghai and London, the firm invests globally. The group is managed by investment professionals who are entrepreneurial, have deep industry knowledge and are effective in the local environment in which they operate. Morningside partners with academic founders and entrepreneurs to build world-class companies that want to markedly improve the current state of medicine today and ultimately, the lives of patients. In addition to its investment activities, Morningside Ventures is strongly committed to social responsibility.

About 3H Health Investment

Founded in 2016, 3H Health is a venture capital firm that invests in biotechnology and medical technology companies. 3H Health partners with exceptional scientists and entrepreneurs to drive breakthroughs and help patients with unmet medical needs. Equipped with professional science backgrounds, deep understandings of the market, and an extensive industry network, 3H Health is committed to market-leading companies in global healthcare industry.

About OrbiMed

OrbiMed is a leading global healthcare investment firm, with $17 billion in assets under management across a range of private equity funds, public equity funds, and private credit/royalty funds. It invests across the healthcare industry, from start-ups to large multinational corporations. OrbiMed's team of over 100 scientific, medical, investment, and other professionals are based in key markets around the world.

About Angitia

Founded in 2018, Angitia is a clinical-stage biotechnology company focused on the discovering and developing breakthrough therapeutics that address the key unmet medical needs in serious musculoskeletal disease. With the team’s experience and scientific expertise in novel drug development, Angitia is dedicated to bringing innovative therapies to help patients in need.

Forward-Looking Statement

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