Maxion Therapeutics raises $72 million

Cambridge, UK-based biotech start-up Maxion Therapeutics, which is developing antibody-based KnotBody drugs for ion channel- and G protein coupled receptor (GPCR)-driven diseases, has raised $72 million (£58 million) in a Series A financing.

This adds to its $16 million pre-Series A financing in February 2023. The financing reaffirms the potential of Maxion’s proprietary KnotBody technology and development pipeline and its opportunity to address large global markets, the company noted.

This oversubscribed Series A funding round was led by General Catalyst with additional investment from new investors, British Patient Capital, a commercial subsidiary of the British Business Bank, Solasta Ventures and Eli Lilly (NYSE: LLY) and supported by existing investors LifeArc Ventures, Monograph Capital and BGF.

Maxion is developing a proprietary pipeline of KnotBody molecules with “first-in-class" and “best-in-class" potential. Maxion’s lead KnotBody program, MAX001, is currently in pre-clinical development to target a broad spectrum of inflammatory diseases such as atopic dermatitis and inflammatory bowel disease. Other early-stage programmes include KnotBody molecules for the treatment of pain and cardiovascular disease.

Dr Arndt Schottelius, Maxion’s chief executive, commented: “This landmark fundraising – one of the largest European private biotech financings since the beginning of 2024 – highlights the significant potential of our technology and development pipeline. KnotBodies represent a potential breakthrough biologic drug modality, delivering greater potency, selectivity, and durability. We believe that KnotBodies will provide transformational new therapeutic options for ion channel- and GPCR-driven diseases, across a wide range of therapeutic areas with a remaining high unmet medical need. The caliber of our international investor syndicate validates our approach, and I would like to welcome our new investors to Maxion and thank our existing investors for their continued support.