SABSW - SAB Biotherapeutics Announces Completion of $67.1 Million Financing to Advance Potential Disease-Modifying Treatment for Type 1 Diabetes | Benzinga
- Funding will support development of SAB-142, a potential disease-modifying therapy for type 1 diabetes and other autoimmune conditions
- Participating investors include Sessa Capital, BVF Partners, RTW Investments, Marshall Wace, ATW, and the JDRF T1D Fund
- Funds are expected to sustain development of SAB-142 through Phase 1 trial
SIOUX FALLS, S.D., Nov. 14, 2023 (GLOBE NEWSWIRE) -- SAB Biotherapeutics, Inc. (NASDAQ:SABS), a clinical stage biopharmaceutical company with a novel immunotherapy platform that is developing fully-human anti-thymocyte immunoglobulin (hIgG) for delaying the onset of progression of type 1 diabetes (T1D), today announced the funding of the second tranche of a previously-announced financing, raising total aggregate proceeds to date of $67.1 million. The proceeds from the financing will be used to fund the development of the company's lead research program, SAB-142, a potential disease modifying treatment for T1D.
Tranche B warrants remain outstanding, which if exercised, would result in a total of $110 million in proceeds in this financing.
Participating investors included Sessa Capital, BVF Partners, RTW Investments, Marshall Wace, ATW, and the JDRF T1D Fund. The investment will move human trials forward for SAB's lead research program, which was recently granted approval by Australian authorities to begin a first-in-human Phase 1 clinical study of SAB-142, the first fully-human anti-thymocyte immunoglobulin (ATG), with plans to pursue an investigational new drug application with the U.S. Food and Drug Administration (FDA). SAB-142 directly targets multiple immune cells involved in destroying insulin-producing pancreatic beta cells to potentially preserve beta cell function.
"Patients and their families are long overdue for potentially disease-modifying treatments, which are at the forefront of innovation for the 1.6 million Americans living daily with this disease," said Eddie J. Sullivan, Ph.D., Co-Founder, President, and Chief Executive Officer of SAB Biotherapeutics. "The partnership and continued confidence of our investors will allow us to advance clinical trials of SAB-142, as we work to address the root cause of T1D. The closure of this tranche is an important step forward to advance a new clinical approach in T1D."
Samuel J. Reich, Executive Chairman of SAB, said "Investors are recognizing that type 1 diabetes is a critical therapeutic area within the biopharmaceutical industry, as disease modification offers a necessary and ...