Ottimo Pharma Secures Over $140 Million in Series A Funding to Revolutionize Cancer Treatment

Ottimo Pharma Raises Over $140 Million in Series A Financing

Ottimo Pharma, a pioneering private biotech company dedicated to extending the lives of cancer patients, has successfully completed a Series A financing round, raising over $140 million. This funding will be instrumental in advancing their lead asset, Jankistomig, a groundbreaking PD1/VEGFR2 bifunctional antibody designed to treat multiple solid tumor indications in both intravenous and subcutaneous forms. The financing round was led by leading investors: OrbiMed, Avoro Capital, and Samsara BioCapital. Additionally, several prestigious investors including RTW Investments, Decheng Capital, and J.P. Morgan Life Sciences Private Capital participated in the round, overwhelming support that demonstrates confidence in Ottimo's innovative approach.

With the financial backing secured, Ottimo Pharma is set to accelerate its plans for the development of Jankistomig, which is currently undergoing IND-enabling studies, with a prospective IND filing planned for late 2025. Jankistomig is unique in its dual therapeutic pathways, targeting immune checkpoint inhibition as well as angiogenesis, offering a significant advance over traditional cancer therapies. This first-in-class bifunctional antibody, designed for efficacy across various solid tumors, holds the potential to influence outcomes in the global oncology market, which is valued at over $50 billion.

In tandem with the financing, Ottimo Pharma is enhancing its leadership team to effectively manage its growth trajectory. Recently appointed industry veterans include Rick Anderson as SVP Finance, Spencer Fisk as Chief Technical and Quality Officer, and Ling Zeng as General Counsel and EVP of Execution. Each member brings decades of pharmaceutical experience from renowned companies such as Seagen, Novartis, and Dicerna Pharmaceuticals, ideally positioning the team to spearhead Ottimo's mission.

David Epstein, the Chair and CEO of Ottimo Pharma, expressed his enthusiasm about the funding achievement, customizing it as a significant milestone in the company's journey towards developing first-in-class bifunctional medicines. He praised Jankistomig for its innovative design and mechanism, emphasizing its role in enhancing the lives of cancer patients.

"The successful completion of our Series A financing marks an important milestone for Ottimo as we work towards fulfilling our goal of creating groundbreaking bifunctional treatments for individuals living with cancer," Epstein stated.

Peter Thompson, General Partner at OrbiMed and a new board member, added, "Ottimo's distinct strategy in the PD1/VEGF field is remarkable. We are eager to collaborate with this highly experienced team to bring new treatments that offer improved outcomes for cancer patients."

The co-founders of Ottimo, Medicxi and Jonny Finlay, stand behind the innovative momentum and have seen notable progress with Jankistomig already. The partnership with additional top-tier investors such as Avoro Capital and Samsara BioCapital is expected to further propel Ottimo's operations in developing a robust pipeline of bifunctional therapies targeting solid tumors.

Rick Anderson’s extensive leadership background in strategic financial management for companies like Seagen will be pivotal as Ottimo Pharma plans for further expansion. Spencer Fisk's expertise in manufacturing and product development from previous roles at National Resilience, Inc. and Novartis will bolster the technical aspects of Ottimo's advancements in dynamic drug development while Ling Zeng brings invaluable legal experience that will support the company's strategic initiatives following her tenure at Dicerna Pharmaceuticals and Omega Therapeutics.

In summary, Ottimo Pharma's recent Series A funding signifies a robust investment in the future of cancer treatments, highlighting advancements in bifunctional therapies. With strong financial support and an expanding leadership team, Ottimo is poised to make significant contributions to the oncology field, aiming for its first IND filing by late 2025 while paving the way for impactful innovative therapies that can potentially enhance patient care and outcomes in cancer treatment.