MBX Biosciences extrapolates $34.6m

MBX Biosciences, a US-based endocrine disorder treatment spinout of Indiana University (IU), completed a $34.6m series A round yesterday backed by the IU Philanthropic Venture Fund.
Frazier Healthcare Partners led the round, which also featured Indiana Seed Fund III, an early-stage vehicle backed by IU, University of Notre Dame and pharmaceutical firm Eli Lilly, as well as New Enterprise Associates (NEA), OrbiMed and Twilight Venture Partners II.
Founded in 2018, MBX Biosciences is developing preclinical-stage peptides to treat rare endocrine genetic diseases that impact glandular hormones released to modulate the body’s chemical messaging.
Examples of rare endocrine genetic diseases include Cushing syndrome, where excess blood cortisol levels alter the patient’s physical and mental state, and diabetes insipidus, a condition leading to overactive thirst and urination.
The funding will enable MBX Biosciences to continue its research with a view to bringing an initial slate of peptides into clinical development based on its molecular disease targets.
Patrick Heron, managing partner of Frazier Healthcare Partners, has joined the board of directors alongside Carl Gordon, managing director of OrbiMed, and Ed Mathers, general partner of NEA.
IU Philanthropic Venture Fund put up $500,000 for MBX’s $2.5m inaugural round in September 2019, investing alongside both Indiana Seed Fund III and Twilight Venture Partners II. A regulatory filing suggests the round included $2.3m in debt.
MBX Biosciences’ peptide platform was invented in the lab of chief scientific officer Richard DiMarchi, chairman of biomolecular science at the IU Bloomington’s Department of Chemistry.
Kent Hawryluk, president and chief executive officer of MBX Biosciences, said: “With the support of these leading life science investors, we are equipped to advance our drug candidates toward clinical investigation in underserved disease areas.
“We are excited to assemble a team with a proven track record in discovering and developing novel drugs to address unmet medical needs.”