Immunology Company Kira Biotech launches with $20M Series A Funding
Summary
Brisbane, 29 October 2019: Kira Biotech today announced it has secured Series A funding of $20 million to develop therapeutics targeting difficult-to-treat immune system disorders.The round was led by OneVentures, with significant investment from IP Group and support from the Advance Queensland Business Development Fund. As Vice President, Immunology, Janssen Research and Development, he was instrumental in the development of an extensive immunology portfolio which had combined sales in excess of US$13 billion in 2018.Sarah Meibusch, Principal at OneVentures, said: OneVentures is delighted to have completed Kiras Series A fund raising round, secured Dr Dan Baker to its leadership team and in doing so established a new Australian company. The OneVentures Healthcare Fund III is backed by the Australian Governments Biomedical Translation Fund which is focused on commercialising world-class biomedical innovations here in Australian, and Kira is a terrific example of this.Michael Molinari, Managing Director of IP Group Australia, said: We are delighted to be investing in Kira and excited to be working with an expert and experienced team. The BTF program was established jointly by the Australian Government Department of Health and Department of Innovation to provide a pool of public and private funds for investment in promising biomedical innovations with commercialisation potential.Kira Biotech is an emerging Australian biotechnology company developing novel immunomodulatory compounds for the treatment of immune system disorders. Kira Biotech has attracted venture capital funding and is progressing KB312 through preclinical development and phase 1 clinical trials with a team of drug development experts led by US-based rheumatologist and immunologist, Dr Dan Baker.KB312 is a first-in-class, selective, immune-cell depleting monoclonal antibody which targets activated immune cells and aims to restore homeostasis through induction of immune tolerance.