Denmark-based biotech Orbis Medicines has raised €90m ($94m) in a Series A funding round to advance the development of its next-generation orally dosable macrocycle drugs, which the company calls ⁿCycles.
The financing was led by New Enterprise Associates (NEA) with participation from new investors, including Eli Lilly, Cormorant, and the Export and Investment Fund of Denmark. The company – which launched in February 2024 with $28m (€26m) in seed funding from Novo Holdings and Forbion – is focused on creating oral alternatives to injectable biologics, particularly for chronic diseases, according to Orbis CEO Morten Graugaard.
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Orbis aims to address longstanding challenges in developing macrocycles – large ring-like compounds made from amino acids or other building blocks – into oral drugs. These compounds have strong therapeutic potential due to their ability to bind selectively to biological targets such as the immunosuppressant cyclosporine and the antibiotic erythromycin, but have historically faced issues with stability, absorption, and bioavailability.
The biotech’s initial focus is on programmes against targets that are already validated by blockbuster biologic drugs to provide oral alternatives for patients who might prefer to take a pill rather than having treatments injected or by intravenous (IV) infusion.
In September 2024, Orbis announced a research collaboration with Vivtex to leverage its gastrointestinal robotic interface system (GI-ORIS), a platform designed to assess gut permeability, which is crucial for determining the oral bioavailability of Orbis’ ⁿCycles portfolio. A month later, the company announced a significant expansion of its operations and capabilities by joining Symbion’s new biotech startup hub in Fuglebakken, Copenhagen.
The macrocycle space is gaining some momentum across the pharmaceutical industry. MSD is in late-stage clinical development for macrocyclic peptide drug MK-0616 (enlicitide decanoate) targeting PCSK9 in patients with hypercholesterolemia. The candidate, which is currently being investigated in several Phase III studies, is forecast to generate $1.5bn by 2030 if approved, according to GlobalData.
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By GlobalDataGlobalData is the parent company of Pharmaceutical Technology.
MSD further displayed its interest in the space by entering a $220m deal with Unnatural Products (UNP), an AI-based biotech developing macrocyclic candidates. Competitors such as Circle Pharma have also made progress, raising $54m in a Series D round in July 2024 and signing a deal with Boehringer Ingelheim in October.
“We have a clear strategy for rapid value creation that leverages the unique capabilities of our ⁿGen platform and are excited to advance this important new class of drugs for patients,” said Graugaard in the announcement accompanying the funding.
