August 5, 2015
By
Alex Keown
, BioSpace.com Breaking News Staff
SAN DIEGO – A biotech startup mystery has been solved.
Ronald Evans
’ startup
Metacrine, Inc.
, which has been in stealth mode since this spring, will develop therapies, to target diabetes, non-alcoholic steatohepatitis (NASH) and other metabolic diseases and liver disorders, the company
announced
this morning.
The announcement came after the California-based
Metacrine, Inc.
announced it raised an additional $36 million in Series A financing as well as naming a new leadership team, including the appointment of
Neil McDonnell
, formerly of
Takeda Pharmaceuticals
, as its new chief executive officer. In a statement McDonnell said
Metacrine
is dedicated to advancing Evans’ research in nuclear hormone receptors. Metacrine said it will be advancing endocrine research through technology licensed from Evans’ laboratory at the
Salk Institute
. While at
Takeda
, McDonnell had a history of successfully guiding diabetes drugs to market, including Nesina, Oseni, and Kazano. He also successfully navigated regulatory approval for the obesity drug Contrave, which was developed by
Takeda
and
Orexigen Therapeutics, Inc.
.
McDonnell told
Fierce Biotech
that
Metacrine
was armed with an insulin sensitizer and a NASH therapy acquired from the
Salk Institute
. Beyond that, the company isn’t saying too much about its planned therapies as it plans to navigate the tough waters of diabetes research.
In April
, after announcing it had raised $6.5 million in Form D financing, the company said it had a goal of raising $33 million. At the time
Metacrine
did not disclose its end goal, likely in an attempt to prevent competitors from gaining an advantage in the market. There was speculation that
Metacrine
would focus on hormonal cancer treatments, a subject the company’s independent director
Evans
, a professor in the
Gene Expression Laboratory
at the
Salk Institute
, is quite familiar with. Evans’ research at the
Salk Institute
is credited with discovering a family of molecules, or receptors, that are primary targets in the treatment of breast cancer, prostate cancer and leukemia, as well as osteoporosis and asthma.
Evans’ studies also led to a new hormone that appears to be the molecular trigger controlling the formation of fat cells, according to the
Salk Institute
website.
The latest round of financing was led by
Arch Venture Partners
,
EcoR1 Capital
,
Polaris Partners
and
venBio
, the company said in a statement. McDonnell said the funding should be sufficient to complete pre-clinical work on two programs with mechanistically distinct endocrine pathway and begin to see efficacy data,
XConomy reported
.
Other newly appointed members of the
Metacrine
leadership team include
Trisha Millican
, chief financial officer;
Nicholas Smith
, senior vice president of chemistry and
Eric Bischoff
, the vice president of business operations. All three previously served in senior management roles at
Seragon Pharmaceuticals
, acquired by
Genentech
/
Roche
, and
Roche
, and
Aragon Pharmaceuticals
, acquired by
Johnson & Johnson
. The company currently has 12 employees, including its executive committee.
In April,
Meghana Keshavan of MedCity News
, speculated part of
Metacrine
’s goal is to reassemble some of the top talent from
Aragon Pharmaceuticals
and its sister company
Seragon Pharmaceuticals
– primarily due to the relationship between Evans and
Rich Heyman
, a
Salk
board member who also founded
X-Ceptor Therapeutics
alongside Evans. Heyman was the chief executive officer at
Seragon
and also served as president and CEO at
Aragon
. Until
Seragon
shuttered its offices earlier his year,
Heyman had been overseeing the shut down of Seragon
following its acquisition by
Roche
last year. Heyman is serving as the chairman of
Metacrine
’s board of directors.
“There is great potential in the advancement of therapeutics arising from research on endocrine signaling pathways that govern metabolic homeostasis, and
Metacrine
is poised to make an impact in advancing some novel therapies in this area,” Heyman said in a statement.