By: Robert Mittendorff MD, Jason Grosz, and Jack Grimes
B Capital is proud to partner with Evommune, a clinical-stage biotech company developing innovative therapies for inflammatory and allergic conditions such as chronic urticaria and atopic dermatitis. The company is now poised to progress its two clinical programs through Phase 2/2b studies in multiple indications.
Evommune and its lead program, an oral MRGPRX2 inhibitor, exemplify many of the core attributes we seek in biotech investments: a compelling mechanism of action addressing clear unmet medical needs, validating preclinical and clinical data, and an exceptional management team.
Addressing an Underserved Need in Chronic Urticaria Treatment
Chronic urticaria—also known as chronic hives—affects over 1.5M people in the US annually. Patients with severe disease experience intensely itchy flare-ups that can manifest with dozens of hives, disrupting daily activities and sleep. These debilitating symptoms can persist for years and are often resistant to standard treatments like antihistamines.
Xolair, an injectable anti-IgE mAb, was approved in 2014 as the first advanced therapy for urticaria, but there have been no approvals since. While Xolair is effective for many patients, most do not achieve complete disease clearance, or they seek more convenient oral alternatives. Given the substantial patient population and therapeutic whitespace, urticaria is an attractive indication that is poised to become a major inflammatory dermatology market.
B Capital’s Thesis in Immunology & Inflammation (I&I)
At B Capital, we’ve identified Immunology & Inflammation (I&I) as a core biotech investment focus, underpinned by compelling market and treatment dynamics. Unlike terminal or curable diseases with limited dosing periods, I&I indications typically involve large patient populations that require chronic treatment, creating sustainable, long-term market opportunities.
A key strength of the I&I space lies in its biological interconnectedness. Many conditions share similar underlying pathophysiology, enabling efficient and lower risk indication expansion and creating multiple paths to market success. This mechanistic similarity not only streamlines development but also amplifies the potential return on research and development investments.
We maintain a particular interest in oral therapeutics within this space, recognizing their significant advantages in patient convenience and compliance. This focus on patient-centricity aligns with our broader healthcare focus on improving treatment accessibility. The I&I sector represents a significant opportunity for therapeutic innovation, particularly as treatment approaches evolve beyond traditional broad immunosuppressives.
Targeting a Novel Mast Cell Pathway
Research has long indicated that non-IgE mediated mechanisms may contribute to the allergic response in chronic urticaria, explaining why many patients on IgE-targeted therapies like Xolair continue to experience symptoms. With their MRGPRX2 program, Evommune is developing a potent, oral mast cell inhibitor with an orthogonal mechanism to IgE. This mechanism could address the root cause of disease in patients whose urticaria is fully or partially non-IgE mediated without broadly depleting the mast cell population. We believe this mechanism will position Evommune favorably in the emerging chronic spontaneous urticaria landscape, potentially offering superior efficacy, tolerability, and convenience compared to other developmental therapies such as BTK, IL-4, and KIT inhibitors.
Promising Early Results and a Strong Foundation for Phase 2/2b
Phase 1 proof-of-concept study results for Evommune’s MRGPRX2 inhibitor demonstrated compelling safety, tolerability, and pharmacokinetic/pharmacodynamic profiles in healthy volunteers. Importantly, the drug also showed promising results in an icatibant skin challenge test – a proxy for evaluating efficacy in healthy volunteers by simulating urticaria with an exogenous irritant. Evommune will now seek to validate the Phase 1 success in multiple Phase 2/2b trials in chronic inducible urticaria, chronic spontaneous urticaria, and other indications where mast cells are implicated, such as atopic dermatitis.
A Proven Leadership Team with Immunology Expertise
Evommune’s executive team, led by CEO Luis Peña, brings extensive experience in drug development and immunology. Peña has more than 30 years of biotech experience and was previously the co-founder and Chief Development Officer of Dermira, another dermatology-focused immunology company that was acquired by Lilly in 2020. He is surrounded by an equally impressive executive team, and we are highly confident in their ability to steward Evommune through its next phase of development and deliver impactful treatments to patients.
LEGAL DISCLAIMER
All information is as of 11.4.2024 and subject to change. Certain statements reflected herein reflect the subjective opinions and views of B Capital personnel. Such statements cannot be independently verified and are subject to change. Reference to third-party firms or businesses does not imply affiliation with or endorsement by such firms or businesses. It should not be assumed that any investments or companies identified and discussed herein were or will be profitable. Past performance is not indicative of future results. The information herein does not constitute or form part of an offer to issue or sell, or a solicitation of an offer to subscribe or buy, any securities or other financial instruments, nor does it constitute a financial promotion, investment advice or an inducement or incitement to participate in any product, offering or investment. Much of the relevant information is derived directly from various sources which B Capital believes to be reliable, but without independent verification. This information is provided for reference only and the companies described herein may not be representative of all relevant companies or B Capital investments. You should not rely upon this information to form the definitive basis for any decision, contract, commitment or action.