Swedish biotechnology company Tribune Therapeutics AB has secured €37 million in seed and Series A funding to develop therapies that address the root causes of fibrotic diseases by targeting key drivers of scar tissue formation.
The round includes a €23 million Series A led by LifeArc Ventures, with participation from new investors Industrifonden and Investinor. It was also joined by seed investors Innovestor’s Life Science Fund, Novo Holdings, HealthCap, and Inven2. Innovestor shared the announcement on its website.
About Tribune Therapeutics
-
Current standard-of-care for millions of patients with fibrotic diseases focuses on only managing symptoms or slowing disease progression by targeting inflammatory mediators or growth factors.
-
Tribune Therapeutics, founded in 2020, tackles this problem by targeting the CCN protein family, a group of signaling proteins central to the development of fibrosis.
-
The company’s foundations lie in the discoveries made by Professor Håvard Attramadal and Ole J. Kaasbøll at the Oslo University Hospital, which were partially funded by the Novo Nordisk Foundation.
“Advancing our programs towards the clinic with the backing of such a strong and prestigious investor group further increases our confidence in our innovative approach to treat fibrotic diseases, many of which are fatal,” said Georg Vo Beiske, PharmD, Tribune Chief Executive Officer and HealthCap Venture Partner.
Investment details
The €37 million total investment includes a €23 million Series A round led by UK-based LifeArc Ventures, with participation from new investors Industrifonden and Investinor.
It also includes backing from seed investors Innovestor’s Life Science Fund, Novo Holdings, HealthCap, and Inven2.
Tribune’s main program, TRX-44, is currently in development for the treatment of fibrotic conditions including idiopathic pulmonary fibrosis, a chronic fibrotic lung disease that leads to respiratory failure and death within three to five years of diagnosis.
The fresh financing will prepare TRX-44 for its first clinical trials and will boost other programs targeting the CCN protein family.
