SAN DIEGO – Candid Therapeutics, a clinical-stage biotech developing potentially transformative drugs to treat autoimmune diseases, has raised $370 million in fresh capital and has emerged from stealth with two lead candidates.
The mega-financing round was co-led by a slew of top life science venture capital firms including Venrock Healthcare Capital Partners, Fairmount, TCGX, and venBio Partners.
President & CEO
Candid Therapeutics
Other participating investors include Foresite Capital, Third Rock Ventures, Fidelity Management, among a handful other investment firms, all who are betting big on the biotech’s future valuation.
In addition to the fundraise, Candid entered a merger agreement with Vignette Bio and TRC 2004, granting them rights to two “TCE antibodies for autoimmune diseases,” according to Ken Song, president CEO of Candid Therapeutics.
“TCE antibodies have the most promise as scalable and patient friendly drugs to deplete B cells for treatment of a myriad of autoimmune conditions and represents a once in a generation development opportunity,” said Song.
“The drugs we are developing at Candid have the potential to go above and beyond the clinical and commercial success of Humira and Rituxan and I am thrilled to be leading the Candid team knowing we can possibly make history by changing the paradigm in how autoimmune diseases are treated,” said Song.
Treating Autoimmune Diseases
Candid Therapeutics is primarily focused on bringing to market promising therapies that treat autoimmune diseases in a patient-friendly and scalable way to address a broad population.
“Our acquisition integrates two cutting-edge bispecific TCEs,” said Song. “The first is CND106, a bispecific antibody which we acquired from Vignette Bio and the second is CND261, another bispecific antibody from TRC 2004.”
So far, both candidates have both completed Phase 1 studies and have demonstrated strong potential to become best-in-class therapies for various autoimmune diseases, according to the company’s executives.
CFO
Candid Therapeutics
“What really attracted me to Candid, is the ready clinical data validating that this type of technology can have a dramatic impact on patients,” said Arvind Kush, chief financial officer of Candid Therapeutics. “We believe there’s an enormous opportunity for a new company such as ourselves, to really become the leader in that space.”
The hope is that Candid’s two drug candidates will bring multi-billion-dollar market opportunities across the board, Song said, adding that he believes the company’s pipeline will position them as a leader in the immunology field.
Proven Leadership Team
Prior to Candid, Song co-founded multiple companies in the life sciences sector. His most recent company RayzeBio was acquired by Bristol Myers Squibb for $4.1 billion.
San Jose-based Ariosa Diagnostics, another company he co-founded, was acquired by global pharmaceutical firm Roche for $625 million in 2015. To date, Song has successfully generated roughly $5.5 billion in realized shareholder value.
Kush previously worked at RazyeBio for nearly three years. Before that, he worked as a managing director for Merrill Lynch. Both are mentors for local non-profit San Diego Squared.
Others on Candid’s leadership team include Chief Medical and Scientific Officer Timothy Lu, who was instrumental in the clinical development of novel oral IL-17 drugs for autoimmune diseases at DICE Therapeutics which was acquired last year by Eli Lilly. Bernie Huyghe, Candid’s chief technology officer, brings more over 30 years of experience in manufacturing of biologics and previously worked at Viridian Therapeutics.
Based in Carmel Valley, the company employs roughly 17 staffers with anticipation to expand the grow the team modestly.
The company anticipates using the funds to support its ongoing clinical development efforts as well as explore the different clinical indications of its two drug candidates.
“We’ll continue to hire and expand,” said Song. “We’ve got aggressive plans on the development side but will remain nimble.”
Candid Therapeutics
FOUNDED: 2024
CEO: Ken Song
HEADQUARTERS: Carmel Valley, San Diego
EMPLOYEES: 17
BUSINESS: Biotech focused on developing innovative therapeutics
FUNDING: $370M
WEBSITE: www.candidtx.com
NOTABLE: Candid CEO Ken Song previous company Razyebio was acquired for $4.1 billion.
NOTABLE: SDCLA helped with San Diego County leadership to provide rooms and amenities for people affected by the winter 2024 floods.
