A California-based biotechnology company, āshibio, has emerged from stealth with a combined seed and series A funding of $40M to accelerate the development of novel therapies for connective tissues and bone disorders.
Founded in 2022 by Chief Executive Officer Pankaj Bhargava, M.D., the startup’s latest round was spearheaded by MPM BioImpact, with participation from Agent Capital, Mirae Asset Venture Investment, and YK Bioventures.
As part of the financing deal, Preston Noon, Agent Capital Co-founder and partner, joined the startup’s board of directors.
Āshibio Leads The Path to Novel Therapy Discovery
As detailed in the company’s release, the newly secured investment will help the company to advance the development of multiple investigative treatments, including a potential therapy for fibrodysplasia ossificans progressiva (FOP).
FOP is a rare genetic disease usually characterized by severe and progressive heterotopic ossification (HO), which causes abnormal formation of tendons, ligaments, muscles, and other soft tissues. It’s characterized by episodic and painful flare-ups that start from childhood and result in severe debilitation and a short life span.
According to Dr. Bhargava, āshibio is building a pipeline of innovative treatments leveraging emerging biology and novel approaches to develop therapies that impact connective tissue and bone disorders without approved treatments. The startup also targets therapies for cases where the approved treatments are inadequate.
āshibio’s lead program is based on its recent discovery that matrix metalloproteinase-9 (MMP-9) enzyme— a special protease that plays critical roles in many biological processes, could be a novel treatment for FOP.
The discovery was published in Journal of Bone and Mineral Research.
