R1 Therapeutics launches with oversubscribed $77.5M Series A financing

R1 Therapeutics announced its launch with an oversubscribed $77.5M Series A financing, along with the exclusive global license to develop and commercialize AP306 outside of Greater China from China-based Alebund Pharmaceuticals. The financing was co-led by Abingworth, F-Prime, and DaVita (DVA) Venture Group, part of DaVita, with participation from Curie.Bio, SymBiosis, and U.S. Renal Care. Proceeds from the Series A financing will fund R1’s global development program of AP306 in partnership with Alebund, including a Phase 2b study planned to start later this year. AP306 is a first-in-class, pan phosphate transporter inhibitor in development as a monotherapy for the treatment of hyperphosphatemia in patients with chronic kidney disease. Whereas currently available approved phosphate lowering therapies work by inhibiting “passive” transport of phosphate through binding phosphate and other mechanisms, AP306 is distinguished as being the only agent that blocks the “active” transport of phosphate for the treatment of CKD.