Rage Biotech, a therapeutics startup tackling chronic inflammatory disease, has raised $29 million in a Series A.
The round was led by IP Group Australia and super fund Hostplus, with support from existing investors including Monash Ventures. The funds will go towards first-in-human clinical trials for Rage’s nasal therapy to treat inflammatory lung diseases
The startup’s name is an acronym of Receptor for Advanced Glycation End-products (RAGE), a receptor involved in inflammation in chronic lung diseases and other conditions.
Rage Bio was founded as a spinout between IP Group Australia and Monash, Murdoch and WA universities and the and the Baker and Perron medical research institutes, to develop technology and treatments for inflammatory disorders.
Monash University’s Faculty of Medicine, Nursing and Health Sciences, helped develop the company’s lead program, RB042, an inhaled therapy for inflammatory lung diseases.
Newly appointed CEO Dr Siro Perez, who played an instrumental role in establishing the biotech startup at IP Group, says RB042 has shown promise in pre-clinical tests.
Rage Bio CEO Dr Siro Perez
“I have deep conviction in the promise of RB042 to overcome chronic disease where the unmet need is immense and current therapies are limited to symptom management,” he said.
“RB042 offers the potential for a disease-modifying therapy in COPD [chronic obstructive pulmonary disease], a market with millions of patients worldwide and few effective options. We are committed to advancing this program and our broader pipeline to deliver life-saving impacts for patients.”
Dr Perez most recently led the Life Sciences team at IP Group Australia, has cofounded several biotech startups, also worked in VC at Hadean Ventures, and SAC Capital, and took over from founding CEO Dr Chris Wraight, now Rage’s chief scientific officer.
“Launching Rage Bio and advancing our lead program RB042 has been a remarkable journey,” Wraight said.
“Our platform is built on deep scientific expertise and a commitment to innovation. As we move into the clinic, I am excited to focus on our scientific strategy and pipeline expansion.”
The startup also named Dr Edwin Tucker as chief medical and development officer.
IP Group Australia MD Dr Mike Molinari has joined the Rage board.
Monash University senior director of new ventures and investments, Dr Ingmar Wahlqvist, said: “By backing exceptional founders and science with targeted investment, we’re building ventures that advance medicine and deliver tangible impact for patients worldwide.”
