Foley Represents NEA as Lead Investor in $200M Series C Round for Abcuro

Foley & Lardner LLP represented New Enterprise Associates (NEA) as the lead investor in the $200 million Series C financing for Abcuro, a clinical-stage biotechnology company. NEA was joined by additional investors Foresite Capital, RA Capital Management, Bain Capital Life Sciences, Redmile Group, Samsara BioCapital, Sanofi Ventures, Pontifax, Mass General Brigham Ventures, New Leaf Ventures, funds managed by abrdn Inc., and funds and accounts managed by BlackRock, Eurofarma Ventures, and Soleus Capital.

Abcuro is a clinical stage biotechnology company developing first-in-class immunotherapies for the treatment of autoimmune diseases and cancer through precise modulation of highly cytotoxic T cells. The company’s lead program is ulviprubart (ABC008), a first-in-class monoclonal antibody targeting killer cell lectin like receptor G1 (KLRG1), for the treatment of inclusion body myositis.

Proceeds from the Series C financing will be used to complete the registrational Phase 2/3 MUSCLE clinical trial evaluating ABC008. Assuming positive results from the MUSCLE clinical trial, Abcuro plans to file a biologics license application and will use a portion of the proceeds to support commercial launch preparation.

The Foley team was led by partners Louis Lehot and Alicia D’Alba Dorner and included IP partner Antoinette Konski and associates Saige Gallop, Trevor Mullin, and Sarina Rogers.