Ottimo Pharma Raises over $140 Million in Series A Financing

• Financing led by OrbiMed, Avoro Capital, and Samsara BioCapital, with additional investment from founding investor Medicxi
• Strengthens its leadership team with the appointments of industry veterans Rick Anderson as SVP Finance, Spencer Fisk as Chief Technical and Quality Officer, and Ling Zeng as General Counsel and EVP of Execution
• IND-enabling studies underway for first-in-class PD1/VEGFR2 bifunctional antibody

[19 December 2024]: [London, UK/ Boston, US]: Ottimo Pharma (“Ottimo”), a private biotech company pioneering bifunctional medicines to extend the lives of people living with cancer, today announces the completion of a Series A financing round of over $140 million. The financing will accelerate the lead asset, Jankistomig, a first-in-class PD1/VEGFR2 bifunctional antibody for multiple solid tumor indications, in both IV and SC forms as well as a pipeline of follow-on bifunctional assets.

The round was led by OrbiMed, Avoro Capital, Samsara BioCapital, and included blue chip investors RTW Investments, Decheng Capital, Janus Henderson Investors, J.P. Morgan Life Sciences Private Capital, Invus, and founding investor Medicxi. In connection with the financing Peter Thompson (OrbiMed), Mark Chin (Avoro Capital), and Srini Akkaraju (Samsara BioCapital) will join the Board of Directors.

Simultaneously, Ottimo has expanded its management team under the leadership of David Epstein, Chair and Chief Executive Officer. The Company announces the appointment of Rick Anderson as SVP Finance, Spencer Fisk as Chief Technical and Quality Officer, and Ling Zeng as General Counsel and EVP of Execution. Rick, Spencer, and Ling bring extensive pharma experience, having held senior roles at Seagen, Novartis, and Dicerna Pharmaceuticals.

Ottimo, co-founded by Medicxi and Jonny Finlay, emerged from stealth in October 2024. It is advancing IND-enabling studies for lead molecule Jankistomig, with a planned IND filing in late 2025.

Jankistomig is a first-in-class PD1/VEGFR2 bifunctional antibody that is differentiated from bispecific antibodies. It is exquisitely designed as a dual pathway, biparatopic single-agent IgG therapy, targeting immune checkpoint inhibition and angiogenesis in the treatment of cancer. This innovative approach aims to offer a wider therapeutic window regardless of tumor VEGF levels, with the potential to improve outcomes across multiple solid tumor indications. Jankistomig is expected to address a global oncology market valued at well over $50 billion. 

David Epstein, Chair & Chief Executive Officer of Ottimo Pharma, said: “The successful completion of our Series A financing marks a milestone for Ottimo as we advance our goal to make first-in-class bifunctional medicines to extend the lives of people living with cancer. Jankistomig represents a significant breakthrough with its novel design and mechanism of action, and we are incredibly grateful to have the backing of such well-renowned healthcare investors. With the addition of Rick, Spencer, and Ling, we have assembled a proven leadership team to progress Ottimo to our first IND by late 2025.”

Peter Thompson, General Partner at OrbiMed, Board Director of Ottimo Pharma, commented: “Ottimo’s unique approach has differentiated itself in the PD1/VEGF field. We are looking forward to working alongside this experienced team with their extensive track record to develop new cancer treatments with improved outcomes for patients.”

Francesco De Rubertis, Co-Founder and Partner at Medicxi, Board Director of Ottimo Pharma added: “Ottimo has shown considerable progress with Jankistomig. As a co-founder of the Company, we are pleased to welcome top-tier investors including OrbiMed, Avoro Capital, and Samsara BioCapital to the syndicate as we advance the pipeline to address multiple solid tumor indications.”

Fredric (Rick) Anderson has more than 30 years of leadership experience in strategic financial and operations management. Rick was the Vice President, Corporate Controller for Seagen Inc. from 2018, where he supported the Company’s growth and international expansion. He was a key member of the leadership team that led the $44 billion acquisition by Pfizer and supported the post-acquisition integration. Rick holds an MBA from the University of San Diego. He started his career as a CPA for Ernst & Young and later joined their mergers & acquisition group.

Spencer Fisk has more than 30 years of experience in manufacturing and CMC product development. Spencer joins Ottimo from National Resilience, Inc. where he transformed the R&D focus to deliver on disruptive approaches to accelerate multi-modality drug development. From 2018 to 2022, he served as the Chief Technical Operations Officer at Rubius Therapeutics. Before Rubius he held senior roles at Novartis AG where he led the team to the successful registration and launch of the first CAR-T cellular therapy product, Kymriah. Prior to Novartis, Spencer held various technical development and manufacturing roles at Merck, Genentech, Genencor, and Novo Nordisk.

Ling Zeng, Esq. was previously Chief Legal and Administrative Officer and a member of the executive leadership team of Omega Therapeutics. Prior to Omega, she was the Chief Legal Officer and Secretary of Dicerna Pharmaceuticals and played a critical role in executing the Company’s strategy including the $3.3 billion acquisition by Novo Nordisk in 2021. Before working in biotech companies, Ling was Deputy Head Legal, Group Mergers and Acquisitions, at Novartis AG, responsible for global transactions across the Novartis Group. From 2009 to 2017, Ling held various executive roles of increasing responsibility at Bausch Health Companies.