London-based biotech Engitix has raised US$25m in a Series A extension, with billionaire hedge fund founder Mike Platt backing the company for the second time.
The preclinical company is developing therapies that target the extracellular matrix (ECM), the structural material surrounding cells in tissues, in solid tumours and fibrosis.
Founder Giuseppe Mazza said the company chose to present the funding as an extension rather than a new round to match its current stage.
“We are still preclinical and want the financing label to match the company’s current stage; the series B is intended to be the step-up round once we are ready to enter the clinic and pursue clinical proof-of-concept, which typically supports a larger raise,” he said.
The extension was led by Netherton Investments, which invests on behalf of Platt, co-founder of BlueCrest Capital Management. Platt also co-led the company’s US$54m Series A in 2022.
Mazza said: “We target disease-specific changes in the extracellular matrix, which is the abnormal tissue environment that actively drives both cancer and fibrosis. In oncology, patients with desmoplastic tumours have particularly poor outcomes because the dense tumour matrix limits the effectiveness of current treatments.
“By targeting disease-specific ECM changes, we can anchor therapies directly to tumour tissue in hard-to-treat, desmoplastic cancers and aim to actively clear established scar tissue in fibrosis.”
Engitix has three disclosed preclinical programmes and two confidential collaborative programmes with Takeda.
