Biotech company Agomab raises nearly 90m dollars
Belgian biotech company Agomab, with headquarters in Antwerp, has raised 89 million dollars in a new round of financing. Among its new investors are French pharma company Sanofi and the US-based firm Invus.
Agomab develops treatments that aim to resolve fibrosis, repair tissue structure and restore organ function.
“We are thrilled to gain further recognition and validation for the trailblazing work our team is conducting in the fields of fibrostenosing Crohn’s disease and idiopathic pulmonary fibrosis,” Agomab said on LinkedIn. “With the additional capital, we are very well positioned to advance the clinical development of our products.”
Agomab is working on a drug against intestinal fibrosis, a serious complication that often occurs in patients with Crohn's disease. In the treatment of Crohn's disease, medication is used to suppress intestinal inflammation but the disease usually evolves with the formation of connective and scar tissue, which makes the intestinal walls thicker and stiffer.
The additional funding comes from its Sanofi and private equity investment firm Invus. According to De Tijd, the investment includes money from the Belgian billionaire family Wittouck. Agomab has previously received funding from other pharma giants such as Pfizer.
#FlandersNewsService | Illustration © PHOTO LOUISA GOULIAMAKI / AFP
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