Biotechnology startup RQ Bio has snagged a nine-figure funding round to support development of a drug it believes to be capable of providing broad, long-lasting protection against seasonal influenza.
The London-based biotech said Wednesday it raised 85.5 million pounds, or $115 million, to advance a program known as RQB01. Currently in preclinical testing, the therapy has an undisclosed “differentiated dual mechanism” targeting parts of the virus that remain unchanged even after mutations. RQ Bio claims this approach could help ward off flu-related illness from a variety of different strains, with a single dose providing protective effects that persist for a full season.
The financing round was led by Frazier Life Sciences, included participation from founding investor LifeArc Ventures, and involved other well-known firms such as Forbion and EQT Life Sciences.
"We believe RQB01 possesses several differentiated attributes that will translate to efficacious, season-long prevention of flu in an attractive product format,” said Joe Cabral, Partner at Frazier Life Sciences, in a statement.
Despite the availability of preventive shots, influenza remains a persisent health problem. The effectiveness of those shots can vary year to year, and some people aren’t able to receive them due to allergies to some vaccine components. On-demand treatments are only modestly helpful, too.
Some biotechs are working on newer solutions. Moderna is developing a flu vaccine based on the kind of messenger RNA technology that can be quickly harnessed to keep up with circulating viral strains. U.S. regulators could approve that shot by early August. Merck, meanwhile, acquired Cidara Therapeutics last year to get ahold of a preventive antiviral therapy that’s shown early promise and is now in late-stage testing.
RQ Bio didn’t reveal many details about RQB01 in its statement, but claimed that the drug has a chance to “establish a new pillar for influenza prophylaxis in vulnerable patient populations,” such as those at high risk of severe illness or people with weakened immune systems. The company is developing other preventive therapies for different respiratory viral infections, too.
Alongside the fundraise, the company named Christian Schade as its executive chairman. Schade was recently president and CEO of Halda Therapeutics, a cancer drug developer Johnson & Johnson acquired late last year for over $3 billion.
