Antag bags $84M in series A funding to drive obesity candidate to the clinic

Antag, a Danish biotech focused on developing therapies for obesity, said the €80 million ($84 million) funding round will support the clinical development of its lead candidate, AT-7687. The once-weekly subcutaneous GIPR antagonist is designed to be administered alongside glucagon-like peptide-1 (GLP-1) therapies to increase weight loss and metabolic benefits while eliminating gastrointestinal side effects.

In October, the US Food and Drug Administration (FDA) accepted the firm’s Investigational New Drug (IND) application for AT-7687. The FDA clearance of the candidate paves the way for clinical development to begin in 2025. The clinical trials will investigate the effects of AT-7687 as both a monotherapy and in combination with a GLP-1 receptor agonist in obese patients.

"The backing of such a strong syndicate of global investors is a testament to our pioneering approach to developing novel therapies for patients with obesity," said Alexander Hovard Sparre-Ulrich, CEO and co-founder of Antag. "Coupled with our recent IND clearance, this investment allows us to accelerate the development of AT-7687 towards important clinical milestones. We believe our first-in-class peptide's weight loss profile and flexible dosing will be key drivers of differentiation."

The rise of GLP-1-based therapies for diabetes and weight loss has ushered in a new era of blockbuster drugs. Their success has been so transformative that industry players who missed investing in this space have described it as a case of “FOMO” (fear of missing out). However, some patients have experienced loss of muscle mass, suboptimal weight loss, and tolerability issues.

Antag has conducted non-human primate studies of AT-7687 with a GLP-1 and said it displayed “best-in-industry” weight loss. Additionally, it claimed the candidate enhanced glycemic control and lipid profiles aside from weight changes without inducing gastrointestinal side effects.   

"Antag's peptides will have important advantages given their ability to be used alone or optimally combined with other incretin-based agents, in both weekly or monthly formats," said Alex Mayweg,  managing director at Versant and an Antag board member. "GIP receptor antagonism is just beginning to reveal its incredible potential, both in diabetic and non-diabetic obesity, and we are pleased to be at the forefront of this developing field." 

The round was led by Versant, along with SR One, Dawn Biopharma (a platform controlled by KKR), Novo Holdings, Longview Ventures, Pictet, and Investment Fund of Denmark (EIFO).