Navigator Medicine is looking to push its lead asset NAV-240 targeting immune-mediated diseases through to clinical studies “in the coming months,” which the startup in-licensed from a South Korean biotech for $20 million upfront.
Navigator Medicines on Tuesday announced that it has closed a Series A financing round, with $100 million in proceeds that the startup will use to advance its new in-licensed bispecific antibody NAV-240 for the treatment for autoimmune diseases.
The New Jersey-based biotech, which launched as a subsidiary of Sera Medicines earlier this year, is backed by investment firms RA Capital Management and Forbion. Navigator gained access to NAV-240 in June 2024, when it licensed the candidate from IMBiologics for $20 million upfront and the promise of up to nearly $924.8 million in milestone payments.
Originally named IMB-101, the bispecific antibody is currently in a Phase Ia/Ib study in the U.S. to assess its safety, tolerability and pharmacokinetic and pharmacodynamic profiles, according to the South Korean biotech. Navigator has rights to NAV-240 outside of Asia but including Japan. The startup is also eligible for potential royalties on annual net sales of up to a double-digit percentage.
NAV-240 works by targeting both the OX40L and TNF proteins, which are well-established targets in immune-mediated diseases. On its website, IMBiologics explains that the bispecific antibody modulates the adaptive immune response through OX40L and the innate immunity through TNF. NAV-240 achieves potentially best-in-class outcomes and “superior therapeutic effects compared to Humira,” AbbVie’s blockbuster antirheumatic treatment, according to the company.
Navigator Chief Medical Officer Dana McClintock in a statement said that NAV-240 “has the potential to make an impact on patients living with autoimmune diseases,” adding that the biotech will work to push NAV-240 through to clinical studies “in the coming months.”
“Our Series A funding will be pivotal in accelerating its development alongside other exciting programs within our pipeline,” McClintock said.
As part of the Series A round, Forbion General Partner Wouter Joustra and RA Capital Management Managing Director Andrew Levin will join Navigator’s board of directors.
With $100 million and a new best-in-class candidate, Navigator joins a growing group of young biotechs targeting autoimmune, inflammatory and other immune-mediated diseases. According to Fortune Business Insights, the immunology market is projected to grow to nearly $257.4 billion by 2032.
In June 2024, Santa Ana Bio debuted with $168 million in combined Series A and Series B funding, which it will use to push two programs into the clinic. These two assets are SAB01, a bispecific antibody that inhibits c-Kit in the presence of the second undisclosed target, and SAB03, an anti-PD-1 agent.
In July 2024, three Johnson & Johnson veterans launched Arc Bio with $165 million in an oversubscribed Series A to advance multifunctional antibodies that create immune synapses to either activate or block T-cells. The technology will allow the startup to develop new therapies for inflammatory and immunology conditions.
