Zenas BioPharma, a global biopharmaceutical company committed to becoming a leader in the development and commercialization of immune-based therapies, today announced proceeds of $118 million in connection with the issuance of Series B preferred shares. In addition to Enavate Sciences, which led the Series B equity financing, new Zenas shareholders include Longitude Capital, Vivo Capital, Rock Springs Capital, Perceptive Advisors, Agent Capital, Pivotal bioVenture Partners and Superstring Capital. Existing investors Fairmount, Wellington Management, Tellus BioVentures, Quan Venture Fund, and Xencor, Inc. also participated in the financing, which included the infusion of new capital as well as the conversion of convertible notes issued to certain of the investors in advance of the closing of the Series B financing.
Proceeds from the financing will support the clinical advancement of the company’s lead product candidate Obexelimab, including a global Phase 3 registration trial in patients with IgG4-related disease (IgG4-RD), which will be initiated in late 2022. In addition, the new funding will progress the company’s other global autoimmune disease programs into clinical development in 2023.
“We are thrilled to support Zenas as an innovative leader in biotechnology as the team executes the clinical development plans for IgG4-RD and the robust pipeline of immune-based therapies so adeptly acquired through strategic business development. We believe Zenas will successfully commercialize innovative therapies to improve the lives of those facing autoimmune and rare diseases,” said James Boylan, Chief Executive Officer of Enavate Sciences.
“We are thrilled to have the support of Enavate and this top-tier group of global investors as we continue to advance our deep and balanced pipeline of clinical stage autoimmune therapeutics and execute our successful business development strategy,” said Lonnie Moulder, Founder and Executive Chairman of Zenas BioPharma.
In connection with the Series B financing, Enavate Sciences CEO Jim Boylan, Longitude Capital Co-founder and Managing Director Patrick Enright, and Vivo Capital Managing Partner Hongbo Lu have joined the Zenas Board of Directors.