Lucia Bio, a biotech startup in Queensland, has added AU$2 million to its Seed round, bringing the total raised to AU$3 million.
The company, launched last year, is a joint venture between Molecule to Medicine (MTM) in the UK and the QEDDI team at the University of Queensland (UQ), which is part of UniQuest.
Lucia Bio focuses on developing Syk inhibitors – medicines that target spleen tyrosine kinase (Syk) – to treat autoimmune diseases, brain inflammation disorders, and blood cancers. While only one Syk inhibitor has ever been approved, Lucia Bio already has two promising drug candidates (QED-701 and QED-121). These show potential for treating neuroinflammation linked to conditions like Alzheimer’s disease, as well as autoimmune conditions like hives.
The Seed top-up included US$1 million from the UniQuest Extension Fund (UEF) and another US$1 million from Uniseed-managed funds. The money will go toward advancing Lucia Bio’s Syk inhibitors and exploring their use in treating other autoimmune diseases outside the brain.
Lucia Bio is part of MTM’s Brisbane drug development hub, which connects to MTM’s wider global biotech network. The Syk program itself began at UQ’s QEDDI, which was set up to move the university’s most promising drug research closer to real-world clinical use.
Dr Tom McCarthy, cofounder and chair of Lucia Bio, said the funding will maintain momentum in the program as the look to raise a Series A.
“Use of proceeds from this first syndicated round would include completion of the remaining clinical trial enabling studies and the Phase 1 clinical program for both molecules of QED701 and QED-121 that will lay a foundation for subsequent Phase 2 clinical trials and proof of concept studies, with potential indications selected from certain neuroinflammatory and autoimmune conditions,” he said.
“Syk is a clinically validated target in human immunology although capitalising on the full clinical potential for Syk inhibition has been hampered by molecules without the required intersection of potency, selectivity and drug-like properties.”
UniQuest CEO Dr Dean Moss said they’re excited by the significant clinical potential for Syk inhibitors to capitalize on the science developed by QEDDI.
“UniQuest has had the privilege to leverage world-class science conducted by QEDDI, successful spin-out formation via the UniQuest IP commercialisation team, and finally investment by the UEF,” he said.
“This seed financing lays the foundation for its translation into potential innovative medicines across a wide range of conditions. We look forward to continuing to work with Tom, Kirsty and the MTM team as Lucia Bio charts a similar global clinical development trajectory, in this case based on key Australian scientific discoveries.”
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