Biotech Company, Third Arc Bio, Receives $165 Million in Financing to Advance Biologic Drug Development Pipeline

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Third Arc Bio, a biotech company, has received $165 million in oversubscribed Series A financing. The company specializes in the development of multifunctional antibodies that are optimized for T cell engagement across solid tumors and inflammatory and immunology (I&I) diseases. The financing it received will be used to advance the company’s drug development programs through clinical studies that address significant unmet needs in oncology and autoimmunity, according to a July 23, 2024 company press release.

Since its initial launch in 2022 with seed financing from Omega Funds, the company has advanced multiple programs that are anticipated to enter the clinic starting in early 2025. The company’s leadership team has collectively brought 19 drugs to market from the discovery and development phases.

“With a powerful discovery engine and a stellar development team, the company is well-positioned to deliver best-in-class therapies and regimens,” said Peter Lebowitz, MD, PhD, CEO of Third Arc Bio, in the press release. “We are grateful for the strong support from Omega Funds and our investor syndicate, who believe in the value of our precise and targeted approach to modulating the immune response with advanced biologics.”

Third Arc Bio’s leadership team consists of:

• Peter F. Lebowitz, MD, PhD, who joined as Third Arc Bio’s CEO in January 2024. Lebowitz has extensive drug development experience in his prior role as global head of Oncology R&D at Johnson & Johnson, which achieved 13 major new drug approvals with first and best-in-class medicines, according to the press release. Prior to Johnson & Johnson, Lebowitz also served in multiple leadership roles at GSK, including vice-president, global head of Oncology Early Clinical Development, and vice-president, medical development leader in Late Development at GSK. In those roles, he filed 10 investigational new drug applications (INDs) and played a crucial role in the global registration of two oncology medicines.
• Sanjaya Singh, PhD, is founder and chief scientific officer of Third Arc Bio and has more than 25 years of experience in biotherapeutics. He has co-invented multiple immunology and immuno-oncology compounds, including risankizumab (Skyrizi). Singh’s prior roles include global head of Janssen Biotherapeutics, Johnson & Johnson, as well as at Boehringer Ingelheim, Biotherapeutics Discovery, and Tanox (acquired by Genentech). He is co-founder and scientific advisory board member of Aliada Therapeutics.
• Joe Erhardt, PhD, chief operating officer, Third Arc Bio, has served for more than 20 years in roles ranging from early discovery through to late clinical development. He most recently served as vice-president, global head of Oncology Discovery and External Innovation, Johnson & Johnson. In his prior roles, Erhardt had operational oversight of expansive portfolios as well as licensing and collaboration for oncology discovery and early development. He has delivered a significant number of internal and external candidates in discovery and clinical pipelines across different modalities, including T cell redirection, T cell co-stimulation, antibody drug conjugates, and targeted radiotherapy.

“The Third Arc Bio team has an outstanding track record of developing impactful medicines, including multiple approved drugs that have redefined standard-of-care in oncology and I&I,” said Arjun Goyal, MD, co-founder and managing director of Vida Ventures, which led the Series A financing, in the press release. “We are tremendously excited to lead this round alongside a high-caliber syndicate of life science and strategic investors at a pivotal time for the company’s growth. With Third Arc’s leading portfolio of best-in-class biologics, multiple INDs planned for 2025, and an extraordinary team of drug developers, the company is poised to create bold new treatments leveraging T cell biology for patients globally.”

Engineered T cells are emerging as highly effective treatments, particularly for hematological cancers. This is evidenced by the hundreds of clinical programs that are underway to expand the efficacy, safety, and applications of this modality, otherwise known as a “living drug” (1).

Reference

1. Kirouac, D.C.; Zmurchok, C.; Morris, D. Making Drugs from T cells: The Quantitative Pharmacology of Engineered T Cell Therapeutics. npj Syst. Biol. Appl. 2024, 10, 31. DOI: 10.1038/s41540-024-00355-3

Source: Third Arc Bio