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The investment from Genome & Company will support the development of Scioto’s lead drug candidate, SB-121, which targets disorders related to the gut-brain axis like Autism Spectrum Disorder (ASD) as well as disorders related to gut-injury such as Necrotizing Enterocolitis
FREMONT, CA: Indianapolis-based preclinical stage company Scioto Biosciences, closed a strategic investment round of USD 26.5 million from Genome & Company and other investors to join in an upcoming tranche. Genome & Company is a microbiome company with headquarters in South Korea. This deal will give the company a majority stake in Scioto and allow them to expand their presence into the U.S. Both companies have agreed to cooperate on the research of new drug candidates multilaterally.
Scioto intends to use the newly raised capital to support the development of its lead drug candidate SB-121, which targets disorders related to the gut-brain axis like Autism Spectrum Disorder (ASD) as well as disorders related to gut-injury such as Necrotizing Enterocolitis (NEC) which affects premature infants. SB-121 is built on Scioto Biosciences’ proprietary ABT (Activated Bacterial Therapeutics) Platform.
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“We are very much looking forward to partnering with Genome & Co. to continue to develop the ABT platform,” said Joe Trebley, CEO of Scioto Biosciences, in a written statement. “We are excited to have them as a development partner with deep microbiome expertise and better access to Asian markets.”
Scioto Biosciences is primarily focused on developing new drugs targeting brain and bowel diseases and has taken an exclusive global license of the ABT Platform, which was invented by researchers at the Abigail Wexner Research Institute (AWRI) at the Nationwide Children’s Hospital in Columbus, Ohio. Through the deal, Genome & Company is adding a new clinical-stage drug candidate, SB-121, to its pipeline, which will follow its leading clinical candidate GEN-001 (immune-oncology), which is currently undergoing clinical trials simultaneously in the U.S. and Korea.
Genome & Company’s expansion into the U.S. will also include a discovery center that will facilitate communication with regulatory agencies such as the FDA for clinical studies. The Series B round follows other funding infusions for Scioto, including a USD 2.3 million National Institutes of Health grant in 2019 and a USD 1.8 million funding round the previous year.
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