Expedition Therapeutics Raises $115M Series B to Advance First Global Phase 2 Trial of DPP1 Inhibitor in COPD
核心洞察
Expedition Therapeutics (搜索) secured $115 million in Series B funding led by General Atlantic (搜索) to advance its lead candidate EXPD-101 (搜索) through mid-stage clinical testing.
EXPD-101 (搜索) is a once-daily oral DPP1 (搜索) inhibitor licensed from China's Fosun Pharma, designed to target neutrophilic inflammation underlying chronic obstructive pulmonary disease (搜索).
The company recently began recruiting for what it claims is the first global Phase 2 trial of a DPP1 (搜索) inhibitor in COPD, with initial data expected in 2028.
Expedition Therapeutics (搜索), a biotechnology company built around in-licensed assets from Chinese pharmaceutical firms, announced Wednesday it has raised $115 million in a Series B financing round. The funding, led by General Atlantic (搜索), will propel the company's lead candidate EXPD-101 (搜索) through mid-stage clinical testing for chronic obstructive pulmonary disease (搜索) (COPD).
The financing comes just one year after Expedition launched in 2024 and banked $165 million in a Series A round. The company's strategy reflects a growing trend in biotech startup creation, as investors increasingly form new companies purpose-built to capitalize on a trove of China-originated drugs.
A Novel Mechanism Targeting Neutrophilic Inflammation
EXPD-101 (搜索), known as XH-S004 under its originator Fosun Pharma, targets dipeptidyl peptidase 1 (DPP1 (搜索)), an enzyme that activates certain components of neutrophils. While neutrophils are essential for protecting against infections, their overstimulation can drive damaging lung inflammation. By stifling neutrophil activity, DPP1 inhibitors hold promise for treating multiple respiratory conditions.
The DPP1 (搜索) inhibitor class has already drawn significant industry attention. Insmed licensed a DPP1-targeting drug from AstraZeneca approximately a decade ago and brought it to market as Brinsupri (搜索), a bronchiectasis treatment expected to become a blockbuster. Other candidates from Boehringer Ingelheim and partners Chiesi and Haisco Pharmaceutical remain in clinical testing.
Yi Larson, Expedition's CEO, believes the drug class could have broader potential by addressing COPD, one of the world's most common inflammatory lung diseases. Multiple therapies — including Regeneron Pharmaceuticals and Sanofi's Dupixent, GSK's Nucala, and Verona Pharma's Ohtuvayre — have been approved for COPD patients since 2024.
Convenience and Broad Applicability
Larson emphasized that EXPD-101 (搜索), formulated as a once-daily pill, could represent a more convenient alternative to injectable therapies or inhalers. Unlike certain biologics that target specific inflammatory pathways, the drug could help the "whole population" of people with COPD because it acts on a specific kind of neutrophilic inflammation those drugs do not address.
"You take this pill once a day, and it can target that underlying inflammation that all the COPD patients have," Larson said. "This felt like it could become a backbone of care for patients."
First Global Phase 2 Trial Underway
Expedition recently began recruiting volunteers for what it claims is the first global Phase 2 trial of a DPP1 (搜索) inhibitor in COPD. According to a federal database, initial data from the study could arrive in 2028.
The company secured global rights to EXPD-101 (搜索) across most territories through its partnership with Fosun Pharma, its first deal following the company's launch.
Investor Syndicate and Leadership
General Atlantic (搜索) led the Series B round, joined by a dozen new and existing investors including Vivo Capital, RA Capital Management, Forbion, Sofinnova Investments, Novo Holdings, and Venrock. Brett Zbar, a managing director at General Atlantic, will join Expedition's board of directors.
General Atlantic (搜索) has backed a string of high-profile biotechs in recent years, including Akero Therapeutics, which sold to Novo Nordisk in 2025; Seaport Therapeutics, which went public earlier this year; and Verdiva Bio, another company built around in-licensed assets from China.
Zbar noted that General Atlantic (搜索) has "benefited from the good fortune of having a team and a real presence in China," where the investment firm has found "first or best-in-class assets."
Larson, a Goldman Sachs investment banker-turned-biotech executive, previously held positions or board seats at Turning Point Therapeutics and RayzeBio, both of which were acquired by Bristol Myers Squibb.