On November 15, 2022 Bonum Therapeutics, a biopharmaceutical company using allosteric regulation to create conditionally active and less toxic medicines, reported a $93 million Series A financing (Press release, Bonum Therapeutics, NOV 15, 2022, View Source [SID1234624121]). Bonum is a spinout of Good Therapeutics, which Roche acquired in August 2022 for $250 million upfront plus potential milestone payments. The investor syndicate that financed Good Therapeutics, including Rivervest Venture Partners, Roche Venture Fund, Digitalis Ventures, 3×5 Partners, and Codon Capital participated in the Series A financing, along with a new investor, Vivo Capital. In conjunction with the financing, Mitchell Mutz, Ph.D., of Vivo Capital will be joining the Bonum board of directors.
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Bonum is developing new therapies based on the proprietary platform of allosterically regulated, conditionally active therapeutics developed by Good Therapeutics. The value of the platform was validated by the Roche acquisition of Good Therapeutics and its PD-1 regulated IL-2 program.
The core platform makes possible the engineering and development of a broad array of important medicines. The Series A financing will allow Bonum to apply the technology to regulated cytokines, including IL-12, IFN-alpha, and TGF-beta for immuno-oncology applications. In parallel, Bonum will seek collaborators for application of its technology in other disease areas.
The technology consists of two components: an antibody-binding domain that acts as a sensor, and a therapeutic domain, such as a cytokine. Unlike other conditional approaches, these therapeutics are active only when the antibody sensor binds its target. Bonum believes its approach will result in treatments for cancer and other diseases that have improved efficacy and decreased toxicity.
The entire Good Therapeutics team joined Bonum, bringing a track record of success and strong passion for making a difference in the lives of patients. "We believe that this technology has broad potential and we are excited to apply it in new areas, developing drugs that act only when and where they are needed," said John Mulligan, Ph.D., CEO and founder of Bonum Therapeutics, and of its predecessor, Good Therapeutics. "In addition to having a great team, Bonum is fortunate to start with a proven technology, a supportive and knowledgeable investor syndicate, an experienced board of directors, and a wealth of exciting projects. We are excited to add Vivo Capital to the syndicate. Their expertise in guiding later stage companies will be invaluable as Bonum grows."
"We have enormous confidence in the Bonum team’s ability to advance a broad portfolio of first-in-class therapeutics through the development process," said Samuel Bjork, partner at Digitalis Ventures. "With support from this strong syndicate of new and existing investors, Bonum is well positioned to deliver on the potential of its validated platform."