ABX-002 will be assessed to treat major depressive disorder and bipolar disorder depression. Credit: WPixz / Shutterstock.

Autobahn Therapeutics has secured $100 in an oversubscribed Series C financing round for the commencement of two Phase II clinical trials of ABX-002 to treat major depressive disorder (MDD) and bipolar disorder depression.

Newpath Partners spearheaded the funding round, which saw contributions from new investors, which included Monograph Capital, Canaan Partners and Insight Partners.

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All of Autobahn’s existing investors also participated, among them are founding investors ARCH Venture Partners and Blue Owl Healthcare Opportunities, BVF Partners, Samsara BioCapital, Invus, Biogen, Pfizer Ventures, Bristol Myers Squibb, Section 32, GT Healthcare Capital Partners and Alexandria Venture Investments.

A selective thyroid hormone beta receptor (TRβ) agonist, ABX-002 has shown promise in Phase I trials, demonstrating both tolerability and central nervous system (CNS) target engagement.

Autobahn plans to initiate the Phase II trials in the second half of this year, aiming to provide biological and clinical proof-of-concept for ABX-002 as an adjunctive treatment for MDD and bipolar disorder depression.

The investment proceeds will also support the progression of ABX-101, a new brain-penetrant, oral sphingosine 1-phosphate (S1P) receptor modulator, into Phase I trial.

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ABX-101 is designed to treat neuroimmunologic and neuroinflammatory disorders and has shown significant CNS exposure and treatment effects in preclinical studies.

In conjunction with the funding, Newpath Partners founder and managing partner Thomas Cahill and venture partner Philip DeSouza; Canaan Partners venture partner Uwe Schoenbeck  and Monograph Capital principal Bonnie van Wilgenburg became part of the board of directors of Autobahn.

Autobahn president and CEO Kevin Finney said: “We’ve developed a pipeline of novel programs that leverage validated CNS pharmacology and the ability to enhance drug concentrations directly in the brain, offering greater potency for enhanced efficacy.

“We’re excited to see this approach play out with ABX-002 – a first-in-class, brain-targeted thyromimetic that builds on the clinical efficacy of T3 in augmenting depression treatments – showing both improved efficacy and safety in early clinical studies.

“With the support of a premier syndicate and the funds from this raise, we plan to move swiftly into Phase II. We are also greatly encouraged by early data on ABX-101, which has disease-modifying potential in neuroimmunology.”