Pandion Therapeutics announced the closing of an $80 million Series B financing to support the continued development of multiple product candidates in Pandion’s pipeline, including lead clinical-stage program, PT101. The financing round was led by Access Biotechnology and Boxer Capital and included other new investors RA Capital and OrbiMed. In addition, all of Pandion’s existing venture capital investors, including Polaris Partners, Versant Ventures, Roche Venture Fund, SR One, JDRF T1D Fund, and BioInnovation Capital, participated in the round.
Pandion’s pipeline includes lead clinical-stage program, PT101, a novel interleukin 2 (IL-2) mutein Fc fusion protein, which is currently in Phase 1 clinical development to assess the safety, tolerability, and pharmacokinetics of PT101 after subcutaneous administration. The clinical trial will also include regulatory T cell expansion and other pharmacodynamic measures. The financing is also expected to aid in bringing a second program into the clinic and broaden Pandion’s modular drug design platform. In addition, the financing will enable the company to expand its team and infrastructure to support the future growth of the company.
Concurrent with this financing, Dan Becker, M.D., Ph.D, Principal, Access Biotechnology and Christopher Fuglesang, Ph.D, J.D., Co-Founder and Managing Director of Boxer Capital, will be joining the Pandion Board of Directors. “Pandion is leading the field with its platform for developing modular biologics for immune regulation designed for precise, disease modifying response at the site of autoimmune and inflammatory diseases,” said Dr. Becker. “We are excited to partner with Pandion as they develop and advance their robust pipeline of promising drug candidates.”