Press release

Tillotts Pharma and TVM Capital Life Science Announce Formation of Mage Biologics to Develop Innovative Oral Antibody Therapy for Ulcerative Colitis

Mage Biologics to develop a monoclonal antibody targeting ulcerative colitis

Novel antibody specifically designed for oral administration utilizes Tillotts Pharma’s sustained release approach to ensure optimal and local treatment

Mage Biologics is the 10^th early-stage or project focused company (PFC) investment for TVM Life Science Innovation II Fund
 

Montreal, Canada / Munich, Germany / Rheinfelden, Switzerland – 20 July 2023 – TVM Capital Life Science (“TVM”), a leading international venture capital firm focused on investments in life sciences innovation, together with specialty pharma company, Tillotts Pharma (“Tillotts”), today announced that the companies will jointly invest up to USD 28 million in the newly formed U.S.-based biotechnology company, Mage Biologics Inc. (“Mage Bio”). TVM will invest with its fund TVM Life Science Innovation II SCSp (“TVM LSI II”) and will provide strategic advice to Mage Bio, with Dr. Sascha Berger, General Partner, joining the Board of Directors and Dr. Ivan Shaw, Principal, serving as a Board Observer. Mage Bio is the 10^th early-stage or project-focused company (PFC) investment for TVM LSI II.

Mage Biologics plans to advance to clinical proof of concept a novel, orally administered, humanized monoclonal antibody (mAb) bioengineered for optimal potency and tissue penetration. The mAb has been developed by Tillotts and originated from a discovery collaboration with Swiss biotech company Numab Therapeutics. Utilizing Tillotts’ innovative sustained release approach, the antibody is designed to enable release of the drug in the appropriate area of the intestinal tract at a predetermined rate to address inflammation locally and optimally. Initially, the drug will be developed for the treatment of ulcerative colitis. Manufacturing of clinical-grade material is planned to start in 2023, with the goal of filing a clinical trial application in 2024.

Thomas A. Tóth von Kiskér, CEO and Board Director of Tillotts, commented: "We are excited to team up with TVM Capital Life Science to advance this oral antibody in ulcerative colitis, a lifelong disease profoundly impacting the patients’ quality of life. The collaboration with TVM underpins Tillotts’ leading role in developing and commercializing innovative products in the gastrointestinal field.”

"TVM Capital Life Science is proud to have enabled the creation of Mage Biologics. This investment is again a testament to our strong international network and builds on our successful single asset focus for innovative preclinical therapeutic agents,” said Sascha Berger, General Partner of TVM Capital Life Science and Member of the Board of Mage Biologics. “We are pleased to collaborate with the experienced management team of Johannes Spleiss and Chantal Miklosi, who will act as CEO and CFO, respectively, for Mage Biologics."

Johannes Spleiss, Head of Scientific Affairs at Tillotts and CEO of Mage Biologics, added: "We are taking a new and potentially disruptive approach to overcome the challenges with traditional ulcerative colitis treatments with this oral antibody. Developing more efficacious therapies with a greater likelihood of success and less systemic side effects is an important step in continuing to innovate for the many patients living with this condition. I look forward to advancing our antibody to clinical proof of concept."

About ulcerative colitis
Ulcerative colitis (UC) is an inflammatory bowel disease (IBD) that impacts millions of people worldwide. Ulcerative colitis affects the innermost lining of the colon and the rectum, causing inflammation and ulcers in the digestive tract. In most people, symptoms usually develop over time, taking a relapsing-remitting course, which means that periods of flare-ups are followed by periods of remission. This can be draining and, in some cases, lead to life-threatening complications. While there is no known cure, current treatments aim to reduce signs and symptoms of the disease and bring remission. Over the last decade, biologics have gained an important place in the treatment of ulcerative colitis, with several monoclonal antibodies available as subcutaneous or intravenous therapies approved for use in UC. Unfortunately, a substantial proportion of patients do not respond, lose response, or develop intolerance to currently marketed products, leading to a substantial unmet medical need for safer, effective, and more convenient therapeutic options.

About the project-focused company (PFC)
For its PFC investments, TVM has a unique arrangement with Eli Lilly and Company (“Lilly”), which is a limited partner in TVM LSI II and the earlier fund TVM LSI I, under which TVM and its PFCs have the option to engage Chorus, a full-service autonomous research and development unit within Lilly, to assist the PFC by implementing a lean and focused drug development plan, resulting in high-quality data packages to help determine proof of concept.

About
Tillotts Pharma AG, part of the Japanese Zeria Group, is a fast-growing specialty pharma company with close to 400 employees in Switzerland and abroad. Tillotts is dedicated to the development, acquisition and commercialization of innovative pharmaceutical products for the digestive system. Tillotts successfully markets its own products for the treatment of IBD and Clostridioides difficile infection (CDI) as well as in-licensed products in around 65 countries through its affiliates within Europe and a network of partners throughout the world. 

About
TVM Capital Life Science is a leading international venture capital firm focused on investing in life science innovations. The company has a highly experienced transatlantic investment team and approximately $900 million under management. TVM’s portfolio focuses on therapeutics and medical technologies from North America and the EU that represent differentiated first-in-class or best-in-class assets with the potential to transform standard of care. TVM pursues a unique two-pronged strategy, financing innovative early-stage therapeutics through a single asset company approach (Project-Focused Company, PFC) that leverages the firm’s strategic relationship with global pharmaceutical firm, Eli Lilly and Company. TVM also invests in differentiated commercial-stage medical technologies and late clinical-stage therapeutics. With its early-stage investments, TVM follows several key principles, which include increasing capital efficiency, streamlining development timelines and soliciting buyer input at the time of investment.  This strategy has been validated through successful exits such as AurKa Pharma, Inc. and Acanthas Pharma, Inc. The TVM investment team has worked together for over a decade to effectively utilize this innovative approach to maximize returns for investors and finance new therapies and technologies to meaningfully improve patient lives.

About Mage Biologics Inc.
Mage Biologics is a special purpose company created to develop a novel, orally administered monoclonal antibody to clinical proof of concept for the treatment of ulcerative colitis. Mage Biologics is jointly funded by TVM Life Science Innovation II and Tillotts Pharma and is led by an experienced management team.

This press release contains forward-looking statements about TVM Life Science Innovation II’s investment in a preclinical stage compound to treat certain types of gastrointestinal diseases that Mage Biologics Inc is developing. It reflects TVM’s current beliefs.

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TVM
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