Evommune — bringing new immunology medicines to patients
We are pleased to unveil our most recent investment with the announcement today of our investment into Evommune’s US$50M Series B round. Evommune is a dynamic and growing precision immunology and inflammation company with a super experienced management team and backed by knowledgeable, deep-pocketed investors.
Amplitude creates, builds and grows world-leading innovative precision medicine companies and Evommune is a great example of our strategy. We build our portfolio with companies that we think are best in class, with a focus on Canadian innovators. To supplement our portfolio we look for additional companies in the precision medicine space that broaden the portfolio into new disease areas or new technology platforms. Following an extensive search process, we identified Evommune as one of the most interesting clinical-stage companies outside of Canada to add to our portfolio.
Evommune was started in 2020 by an industry-leading team of R&D experts and successful biotech company builders who started the company following the $1.1 billion acquisition of their prior company, Dermira, by Lilly. The Amplitude team worked with some members of the Evommune team in the past and we were intrigued by their human tissue-based platform used for discovering and translating novel molecules. This was a novel method of discovering new targets, validating them and quickly designing new small molecules to more specifically treat inflammatory diseases.
Through their discovery platform, Evommune has developed several different pipeline assets targeting atopic dermatitis, chronic spontaneous urticaria, and interstitial cystitis among other earlier pipeline autoimmune diseases. Given the incidence of immunological diseases globally, there is a high unmet need for safe and effective medicines.
What is atopic dermatitis and chronic spontaneous urticaria?
The skin is the largest organ in our body, and as the first line of defense it is constantly in contact with our immune system and is the site of many conditions caused by an elevation of immune activity. One of the most common immunological diseases related to the skin is atopic dermatitis, eczema. Many of us probably had it when we were younger or know people who suffer from the condition. It’s a disease characterized by red, itchy and inflamed skin that appears on various parts of the body, including the hands, face and feet.
It’s caused by a combination of genetic and environmental factors with a dysfunctional skin barrier and overactive immune system significantly contributing to the disease. Treatment options today include moisturizers to protect the skin barrier, topical corticosteroids and powerful immunomodulatory drugs that can be taken orally or injected to target the immune system broadly.
Chronic spontaneous urticaria is another common immunological disease affecting the skin. It’s characterized by the sudden appearance of hives or welts on the skin, often accompanied by itching or burning sensations. This condition can be caused by various triggers such as food allergies, infections or other autoimmune diseases but in most cases, the cause remains unknown. Treatment options today are limited but include antihistamines and steroids for short-term relief of symptoms, as well as powerful immunomodulators to target underlying immune dysfunction. Urticaria remains a condition that affects millions of people, disrupting their lives, with no good treatment options
In both of these conditions, steroids, anti-histamines and strong systemic drugs are part of the mainstay of treatment. However, these drugs often have significant side effects including abdominal pain, fatigue, lower white cell counts and many others that reduce their compliance with patients. Thus, topical non-steroidal and non-systemic approaches are needed.
How is Evommune solving the problem?
For atopic dermatitis, there have been several topical products that have come onto the market recently including Incyte’s Opzelura, Arcutis’ Zoryve and Dermavant’s Vtama. Opzelura is a JAK inhibitor meaning it targets the immune system and although it’s quite effective, it has several significant safety side effects that give it a ‘black box’ warning for all patients taking it. The other two drugs are less effective than Opzelura and also come with their own side effects including skin reactions, redness and burning.
Evommune’s lead program, EV101, is a novel small molecule inhibitor of IRAK4, a target in the immune system that has broad effects. The company has developed a topical drug that is in phase 2a trials to evaluate its effectiveness in targeting mild to moderate atopic dermatitis. So far to date, the drug was safe and effective with no significant side effects in its phase 1 trial. The reason we’re so excited about this product is if you can offer a topical drug that is safe, as effective as Opzelura and is not a steroid, you have a potentially game-changing drug for clinicians and patients that can be used on its own, or in combination with the systemic immunomodulatory drugs for more severe disease.
Evommune’s second program, EV0756, is a preclinical molecule targeting MRGPRX2, which is typically found on the outside of mast cells that are heavily involved in CSU and a variety of other immunological diseases. Although early, this program remains extremely exciting as new literature has come up in recent years to show the effectiveness of targeting MRGPRX2 as it blocks mast cells activity rather than kills them. This is a significant difference as several other programs that target mast cells typically kill them, leading to severe side effects and toxicities for patients. Evommune is developing an oral drug with a potentially ideal side effect and dosing profile that could be effective for millions of patients in several diseases caused by mast cell dysfunction.
Another example of Amplitude’s precision medicine focus:
We’re extremely pleased we’re able to invest in this exciting immunology company that has multiple products in the pipeline that have the potential to revolutionize how inflammatory diseases are treated. Evommune perfectly fits into our precision medicine thesis and we’re happy to be one of the investors in the company.
With an exceptionally experienced management team who have successfully brought drugs to patients in the past, a proprietary and validated human skin tissue platform, multiple programs in the pipeline targeting millions of potential patients, deep-pocketed investors and growing interest in the immunology space, Evommune has positioned itself as a leader in the field for years to come.
We are thrilled to get to invest in this exciting and growing company that will ideally bring several drugs to patients in the coming years.
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About Amplitude Ventures
Amplitude Ventures deploys a growth model that has successfully been used to build Canadian companies with world-class management teams and scale companies to breakout potential. Amplitude, with offices in Montreal, Toronto, and Vancouver, has ~$500M in AUM and applies a proven, evidence-based approach to investing in leading Canadian and global precision medicine companies.
About Evommune
Evommune, Inc. is a private clinical-stage biotechnology inventing new ways to treat inflammatory diseases. The company is evolving immunology through its unique and dynamic human tissue-based approach to discovering, developing, and delivering therapies that address symptoms and halt progressive disease. Evommune was founded in 2020 by an industry-leading team of R&D experts and biotech company builders, and is headquartered in Palo Alto, California. For more information, visit www.Evommune.com.
