LOS ALTOS, Calif., Nov. 18, 2020 /PRNewsCentre/ — Evommune, Inc., an innovation engine in chronic inflammation, announced the successful completion of a $12.5 million seed financing by Pivotal bioVenture Partners. This financing will enable Evommune to build a pipeline of unique therapies for patients with chronic inflammatory diseases.
Approximately 60 percent of Americans live with chronic inflammatory diseases, and it is expected that the prevalence will increase steadily over the next 30 years.1 Evommune wants to improve the quality of life for patients living with these conditions. The company is using the skin as the lens to uncover new approaches for accelerating the development of vital medicines across immunology with a focus on inflammation and dermatology. By utilizing a novel screening platform, the company will identify molecules that are differentiated and have a greater probability of being effective in treating patients with chronic inflammatory conditions.
"There has been tremendous progress in the treatment of inflammatory diseases, but there are still many conditions that lack safe and effective therapies. This is where Evommune will make a difference," said Luis Peña, president and chief executive officer, Evommune, Inc. "This initial seed funding will be used to set up and drive the execution of our longer-term strategy. We have established both academic and industry collaborations and are building a pipeline that will include both discovery and clinical-stage development programs."
Evommune was co-founded by industry veterans Luis Peña, Eugene A. Bauer, MD, chief medical officer, and Hans Hofland, PhD, senior vice president, research. In addition to the founders Janice Drew, MPH joins the executive team as senior vice president, product development. All of the executives were former senior leaders at Dermira, Inc. which was subsequently sold to Eli Lilly and Company for approximately $1.1 billion in 2020. Together, the team is highly accomplished in global drug development and has an outstanding 30-year track record of rapid regulatory approvals and successful development of medicines across multiple therapeutic areas, including immunology and dermatology.
"We are always looking to invest in talented and passionate founders who are on a mission to develop new and innovative therapeutics," said Rob Hopfner, RPh, PhD, MBA, managing partner at Pivotal bioVenture Partners. "The Evommune team’s years of immunology and dermatology experience gives them an edge in identifying and developing therapies that will improve the lives of patients with debilitating diseases."
Ash Khanna, PhD, MBA, venture partner at Pivotal bioVenture Partners noted, "There is a great need for new solutions to address chronic inflammation and we are delighted to partner with the stellar Evommune team for Pivotal’s first seed-stage investment."
About Evommune, Inc.
Evommune is a private, R&D company and innovation engine in chronic inflammation. Evommune is taking a tissue-based approach to advance insights and accelerate the development of transformative medicines in inflammatory diseases. Evommune was founded in 2020 by a successful and experienced leadership team focused on building a robust pipeline of unique therapies that help patients with chronic inflammatory diseases. The company is headquartered in Los Altos, California. For more information please visit Evommune.com.
About Pivotal bioVenture Partners
Pivotal bioVenture Partners is a $300 million life sciences venture capital fund located in San Francisco, California. The fund invests in privately held companies developing innovative therapeutic products and platforms to address major unmet medical needs. Investments range from seed-stage deals to cross-over financings at all stages of the preclinical and clinical development spectrum. Pivotal’s investment team brings diverse experience in venture capital, company building, and drug discovery and development to the table in working with entrepreneurs to advance their businesses. For more information please visit https://pivotalbiovp.com
1 Pahwa R, Goyal A, Bansal P, et al. Chronic Inflammation. [Updated 2020 Aug 10]. In: StatPearls [Internet]. Treasure Island (FL): StatPearls Publishing; 2020 Jan-. Available from: https://www.ncbi.nlm.nih.gov/books/NBK493173/
SOURCE: Evommune, Inc.