Belgian biotech firm Augustine Therapeutics raises €78 million in funding round

Leuven-based biotech company Augustine Therapeutics has raised €77.7 million in a new funding round. Among the investors is Novo Holdings, the parent company of diabetes drug manufacturer Ozempic, Augustine announced in a press release on Monday.

The funding round was led by French investment firm Jeito Capital and Novo Holdings, with participation from existing shareholders, including US pharma heavyweight Eli Lilly, Spanish firm Asabys, and Belgian investors such as V-Bio Ventures, PMV, and Gemma Frisius. 

The new funding brings Augustine’s total funding to around €110 million since its founding in 2019.

Medical needs

The company plans to use the fresh capital to initiate clinical trials for its drug candidate ‘AGT-100216’, a potential treatment for the hereditary nerve disorder Charcot-Marie-Tooth (CMT). The disease affects the nerves in the hands and feet, making movement difficult.

Beyond its lead CMT programme, Augustine is also developing treatments for neurological and cardiometabolic diseases, including conditions such as cardiovascular disease and diabetes, though specific details remain undisclosed.

According to business newspaper De Tijd, this is one of the largest capital raises in Belgian biotech history. “This funding provides us with sufficient resources to finance our research programmes for at least three years”, Augustine CEO Gerhard Koenig told the paper.

^{#FlandersNewsService | A laboratory in a biotech company in Lessines © PHOTO LAURIE DIEFFEMBACQ}