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Carmel-based MBX Biosciences Inc. said Monday it has landed another $63.5 million in funding to help it advance the development of therapeutics to treat rare endocrine disorders.
The latest round of funding, known as Series C financing, means that MBX has raised more than $213 million altogether, a huge achievement for the five-year-old startup.
The company was founded in 2019 by Indiana University chemistry researcher and serial entrepreneur Richard DiMarchi and his longtime partner, company president and CEO Kent Hawryluk.
The new funding is expected to support MBX into 2026, by which time the company should be ready to issue key data readouts from its pipeline.
MBX is focused on the discovery and development of novel precision peptide therapies for the treatment of endocrine and metabolic disorders, such as hypoparathyroidism, post-bariatric hypoglycemia and obesity.
“This investment is a powerful endorsement of our team’s experience and know-how in developing innovative potential therapies for endocrine and metabolic diseases through our Precision Endocrine Peptide platform,” said Hawryluk, in written remarks.
The fast-growing company has 39 employees, a 44% increase in headcount since Jan. 1. It has offices at 11711 N. Meridian St.
DiMarchi, scientific co-founder of MBX, is no longer on the company’s board of directors, but told IBJ he continues to serve as an external advisor through a continuing research agreement between the company and his IU-Bloomington laboratory.
The Series C financing was led by Deep Track Capital, with participation from new investors Driehaus Capital Management and funds and accounts advised by T. Rowe Price Associates as well as existing investors Frazier Life Sciences, OrbiMed and Wellington Management. Other existing investors include New Enterprise Associates, Norwest Venture Partners and RA Capital Management.
The funding is designed to help get the company’s lead drug, MBX 2109, through midstage clinical trials. The company said it recently initiated trials of the parathyroid hormone peptide drug in patients with hypoparathyroidism, a rare disorder that affects about 200,000 worldwide.
The disease is characterized by a deficiency of the parathyroid hormone, which can result in decreased calcium and increased phosphorus levels in the blood, leading to a wide range of effects, from tingling and prickling to seizures and increased risk of kidney stones.
Topline results from the Phase 2 trial are expected in the third quarter of 2025.
Another drug candidate, MBX 1416, for post-bariatric hypoglycemia, is currently being evaluated in an early-stage dose trial, which is expected to report topline data in the fourth quarter of 2024.
The company said it also has a portfolio of early-stage candidates in obesity and metabolic diseases.
“The endocrine and metabolic drug space is undergoing significant expansion, and MBX is at the forefront of innovation in this category,” said Gerard Smith, managing director at Deep Track Capital, in written remarks. “We are impressed by the company’s deep understanding of the therapeutic landscape and their ability to translate scientific discoveries from their peptide platform into promising and differentiated drug candidates.”
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