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Monash University spin-out Rage Biotech has raised $29 million in a Series A funding round, supporting plans to secure first-in-human clinical trials for its novel therapies that target chronic inflammatory disease.
The funding round was led by IP Group Australia and Hostplus with continued participation from existing investors including Monash Ventures, and coincides with the executive appointments of Dr Siro Perez as chief executive officer and Dr Edwin Tucker as chief medical and development officer.
Rage Biotech is named after the Receptor for Advanced Glycation End-products (RAGE) that it targets, which in different forms can either drive or resolve inflammation.
The therapeutics company is developing precision splice-switching oligonucleotide (SSO) with a lead program for inhalement therapy targeting Chronic Obstructive Pulmonary Disease (COPD) and other inflammatory lung diseases that affect millions of patients globally.
Rage Biotech was founded as a spinout between IP Group Australia and leading Australian universities and medical research institutes, with its lead program stemming from Monash University research but the University of Western Australia, Murdoch University, and the Baker and Perron Institutes are also involved.
The biotech's new CEO Dr Siro Perez played an instrumental role in setting up the company at IP Group where he recently led the life sciences team, and says the lead program RB042 has shown promise in pre-clinical tests.
"I have deep conviction in the promise of RB042 to overcome chronic disease where the unmet need is immense and current therapies are limited to symptom management," Perez explains.
“RB042 offers the potential for a disease-modifying therapy in COPD, a market with millions of patients worldwide and few effective options. We are committed to advancing this program and our broader pipeline to deliver life-saving impacts for patients."
Perez holds a PhD in molecular biology, a Masters in Finance from London Business School, and has held scientific and leadership roles across Europe and Australia including at Novartis Pharma AG, The Boston Consulting Group, Hadean Ventures, and SAC Capital.
He succeeds founding CEO Dr Chris Wraight who remains with the company as chief scientific officer.
"Launching Rage Bio and advancing our lead program RB042 has been a remarkable journey," says Wraight.
"Our platform is built on deep scientific expertise and a commitment to innovation. As we move into the clinic, I am excited to focus on our scientific strategy and pipeline expansion, ensuring we deliver on the promise of precision SSO therapeutics for multiple indications."
Rage's new chief medical and development officer Dr Edwin Tucker is a distinguished physician and clinical development leader with more than three decades of experience in the biopharmaceutical industry, most recently as CMO of NASDAQ-listed Jasper Therapeutics where he led clinical trials in inflammation, including asthma, and advanced novel antibody therapies into the clinic.
"I am excited to join Rage Bio at this pivotal moment. The company’s innovative approach holds great promise for patients, and I look forward to working with the team to realise its clinical potential," says Tucker.
The company's scientific founder, Professor Merlin Thomas, has expressed strong support for the company's progress and future direction.
"Activation of RAGE is a critical driver of human disease. RAGE recognises damage and stokes inflammation to further increase tissue injury," Thomas explains.
"We have developed a novel way to block RAGE by harnessing a natural RAGE inhibitor made by the lungs. This discovery will enable transformative therapies across a range of potential indications."
Professor Robyn Ward AM, Deputy Vice-Chancellor (Research and Enterprise) and Senior Vice President at Monash University says the company's achievement demonstrates how "collaboration, partnership and a commitment to innovation are central to the quest to turn breakthrough science into outcomes that improve lives".
"This milestone reflects the strength of Monash’s innovation ecosystem and our commitment to supporting exceptional researchers and founders," adds Dr Ingmar Wahlqvist, senior director for new ventures and investments at Monash University.
"By backing exceptional founders and science with targeted investment, we’re building ventures that advance medicine and deliver tangible impact for patients worldwide.”
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