Business
Zura Bio Completes Approximately $80 Million Financing with the Focus on Advancing ZB-106, a Potential First-in-class Anti-IL-17 and Anti-BAFF Dual Antagonist
Tibulizumab (ZB-106) was licensed from Eli Lilly and Company on April 26, 2023 Total cash and cash equivalents of approximately $120 million is expected to
About this update from Zura Bio Limited
[{"type":"text","content":"\n\nTibulizumab (ZB-106) was licensed from Eli Lilly and Company on April 26, 2023\n\n\n\nTotal cash and cash equivalents of approximately $120 million is expected to fund planned clinical and operating activities through 2026\n\n\n\n SAN DIEGO--(BUSINESS WIRE)--\nZura Bio Limited (Nasdaq: “ZURA”) (“Zura Bio”), a multi-asset clinical-stage biotechnology company focused on developing novel medicines for immune and inflammatory disorders, today announced the final closing of a private placement resulting in gross proceeds to Zura Bio of approximately $80 million. This funding will allow Zura Bio to initiate a Phase 2 clinical trial for ZB-106 in systemic sclerosis (SSc), followed by a Phase 2 clinical trial in hidradenitis suppurativa (HS).\n\n\nZB-106 currently has clinical data from two Phase 1b studies completed in rheumatoid arthritis and Sjögren's syndrome. The safety profile to date appears to be acceptable, with no new findings relative to known IL-17 and BAFF inhibitors. Chronic toxicology studies have been completed with no adverse drug-related findings.\n\n\n“To complete the financing is a key milestone. Not just for Zura Bio as a company, but for the development of our ZB-106 asset and the benefits that we hope it can bring to patients. Achieving our cash targets puts us in a great position to progress important clinical development programs and we are excited to move our operations forward as a result.” said Dr. Someit Sidhu, Chief Executive Officer and Director of Zura Bio.\n\n\nClosing of the Private Placement Financing and Shareholder Approval\n\n\nIn connection with the recent licensing transaction for ZB-106, Zura Bio sold an aggregate of approximately 18.8 million Class A ordinary shares, and pre-funded warrants in lieu of Class A ordinary shares, to certain accredited institutional investors in a private placement financing (the “Offering”). The Offering resulted in gross proceeds to Zura Bio of approximately $80 million cash, before deducting placement agent fees and other offering expenses payable by Zura Bio. In addition, Eli Lilly and Company (“Lilly”) received an aggregate of approximately $4.25 million in Class A ordinary shares in lieu of a portion of the upfront cash paid by Zura Bio as consideration for the licensing transaction for ZB-106.\n\n\nThe Offering was led by Deep Track Capital, Great Point Pa...