Novartis venture fund leads $34 million financing for Annexon Bioscience

USA-based Annexon Bioscience says it has closed a $34 million Series A-1 to support the development of its lead candidate, ANX005, for the treatment of neurodegenerative and autoimmune disorders.

The round was led by Swiss pharma giant Novartis’ (NOVN: VX) Novartis Venture Funds with participating investors Satter Investment Management and Clarus Ventures.

ANX005 is a humanized monoclonal antibody that inhibits early components of the classical complement cascade. “Annexon has what we believe to be a uniquely elegant approach to neurodegenerative and autoimmune diseases,” said Campbell Murray of Novartis Venture Funds, adding: “The important role of the classical complement cascade in antibody-mediated autoimmune disorders has been known for some time, and the discovery that it contributes to loss of nerve connections in neurodegenerative disease is highly innovative.”