Ahammune Biosciences raises USD 5 million in series A funding led by pi Ventures

New Delhi: Ahammune Biosciences, a clinical stage therapeutics company working towards creating new ways to treat and cure skin diseases, has raised a Series A funding round of USD 5 Mn led by pi Ventures.

Others participating in the round include Capital2B, Colossa Ventures, Bipin Agarwal, Unicornus Maximus LLP, and existing investors Ideaspring Capital, Kotak Alternate Assets, Legacy Assets LLP and IAN. The recently raised funding will assist the company in conducting Phase II human clinical trials for its promising drug candidate for vitiligo.

Additionally, the funds will be utilized to expand the patent portfolio, and advance Ahammune’s R&D efforts for other immune-mediated skin diseases.

Ahammune was founded in 2016 by Dr. Parul Ganju, co-founder and CEO, and Dr. Krishnamurthy Natarajan, co-founder and Professor, School of Life Sciences, Jawaharlal Nehru University, who bring over 30 years of combined expertise in skin biology and pathophysiology of diseases. Since its inception, Ahammune has been working on its vision to advance innovative solutions for chronic skin diseases which are unmet medical needs. The company is also guided by a distinguished advisory board with extensive experience in drug discovery and development.

Ahammune’s initial program is focused on developing a new drug candidate for vitiligo, a skin depigmenting disorder that currently has no cure. Vitiligo, a chronic condition with unpredictable and recurring appearance of white patches, is prevalent in about 1-2% of the global population. Talking about the drug, Dr. Parul Ganju stated, “Unlike existing treatments, our small molecule drug candidate does not cause generalized immunosuppression and has first-in-class mechanism of action, with an ability to not only stop patch spread, but also stimulate the function of color producing cells in skin, thereby inducing repigmentation. We have further established its safety in Phase 1 clinical trials in healthy human subjects. As a topical application, our molecule has the potential to make a significant impact on the millions of lives affected by this lifelong skin condition. We are now advancing our drug candidate with Phase 2 clinical trials to assess its safety and efficacy in vitiligo patients.”

In addition to vitiligo, Ahammune is developing a strong pipeline of patented molecules to treat other dermatological and autoimmune diseases. Ahammune’s strategy is to expand its patent portfolio around its proprietary technology – the small molecule therapeutics platform, with a focus on treating skin conditions by targeting key cellular processes that influence skin health and immunity. The company is also seeking partnerships with pharmaceutical companies to co-develop the assets to maximize reach and commercial potential.

Commenting on the announcement, Dr. Parul Ganju, said, “We have a fantastic team at Ahammune who have made this possible.  We are grateful for the continued trust and support of our valued investors who share our vision for advancing drug discovery efforts from India. This funding marks a significant milestone for us as we prepare to initiate our Phase 2 clinical trials for vitiligo. We will further strengthen our R&D efforts for other immune-mediated diseases of skin and innovate for first in class drugs and therapies.”

“India’s biotech landscape is evolving beyond generics and contract research, with innovative startups like Ahammune leading the charge. We are thrilled to collaborate with Dr Parul and Dr Krishnamurthy and are confident that their breakthrough drug molecule has the potential to treat vitiligo without the associated side effects of existing treatment options” added, Roopan Aulakh – Managing Director, pi Ventures.