Electra Therapeutics has raised $183m in an oversubscribed Series C funding round to fund a global Phase II/III trial of ELA026 for secondary hemophagocytic lymphohistiocytosis (sHLH).
Additionally, the funds will be utilised to further develop the company’s signal regulatory proteins (SIRP)-targeted therapies for cancer and immunology.
This financing was co-led by EQT Life Sciences and Nextech, with contributions from new investors Mubadala Capital, Sanofi, and HBM Healthcare Investments, alongside existing investors such as OrbiMed and RA Capital Management.
The lead product candidate ELA026 will be assessed in the trial as a frontline therapy for the hyperinflammatory disease, sHLH, which has limited treatment options.
The pivotal study is in progress at research centres in Europe and the US, where participants dosing has started.
Electra is also assessing ELA026 for haematologic cancers, following promising initial clinical data.
The funds will also support the clinical development of ELA822, the company’s second SIRP-targeted candidate for selective depletion of activated T lymphocytes.
Electra Therapeutics president and CEO Kathy Dong said: “We are pleased to have the support of a distinguished group of investors who share our vision to deliver life-changing treatments for patients with underserved diseases.
“Our team has a proven record of translating novel biology into first-in-class breakthrough therapies, as exemplified by ELA026. With strong momentum, we are driving the pivotal study of ELA026 in sHLH forward and accelerating our second SIRP-targeted programme into the clinic.”
Phase Ib studies of ELA026 in sHLH demonstrated 100% survival at eight weeks as frontline therapy in malignancy-associated HLH participants, in contrast to the roughly 50% survival rate reported for existing therapies based on historical data.
These findings help further development of the therapy in additional indications and support the advancement of ELA822 for widespread use in immunology and inflammation.
