Candid Therapeutics, a new biotechnology startup focused on developing antibody drugs for inflammatory diseases, has launched with over $370 million in funding. The company aims to advance bispecific T-cell engagers as a more practical alternative to cell therapies in treating autoimmune conditions.
The startup's pipeline was formed through the acquisition of Vignette Bio and TRC 2004, securing rights to two T-cell engager drug candidates initially developed for cancer. These drugs, targeting BCMA and CD20 on B cells, are expected to enter clinical trials for inflammatory conditions in the coming year. Candid raised $206 million independently and inherited the combined $170 million previously secured by Vignette and TRC 2004.
Rationale for T-Cell Engagers in Autoimmunity
Candid's CEO, Ken Song, previously led RayzeBio, which was acquired by Bristol Myers Squibb. Song believes that while cell therapies have shown promise in autoimmune diseases, their high production costs and the need for chemotherapy conditioning limit their commercial viability. Research has demonstrated that cell therapies can induce long-term remissions in certain chronic conditions by eliminating malfunctioning B cells.
Bispecific T-cell engagers offer a potentially more convenient and scalable approach. Like cell therapies, they can target B cells but are administered more easily, do not require chemotherapy, and are simpler to manufacture. Early clinical data, including case reports published in the European Journal of Cancer and The New England Journal of Medicine, have shown encouraging results with T-cell engagers in autoimmune disease patients.
Competitive Landscape
Several other companies are also exploring T-cell engagers for autoimmune diseases. Roche has two medicines in early testing, while Cullinan Therapeutics and IGM Biosciences are initiating trials. Zenas Biopharma, which recently filed to go public, is also developing bispecific antibodies for lupus and multiple sclerosis. Merck & Co. recently acquired a drug with potential in multiple inflammatory conditions for $700 million.
Candid's Strategy and Outlook
Candid's two lead drug candidates have completed Phase 1 testing in cancer and are poised to begin trials in autoimmune conditions next year. The company anticipates expanding its portfolio with additional assets in the future. While acknowledging that the field is still in its early stages, with T-cell engagers yet to prove equivalent efficacy to cell therapies, Song is optimistic about their potential. He stated, "I think it is really just a matter of time before the industry at large comes to realize that T cell engagers are probably the right horse to bet on [for] autoimmune disease."
