Rage Biotech, a startup developing treatments for chronic inflammatory diseases, has raised AU$29 million in Series A funding. The round was led by IP Group Australia and Hostplus with support from existing investor Monash Ventures. The new funds will be used to start human clinical trials for Rage’s nasal therapy designed to treat inflammatory lung diseases.
The company’s name, “Rage,” stands for Receptor for Advanced Glycation End-products (RAGE) — a molecule linked to inflammation in chronic lung and other diseases.
Rage Biotech was created as a joint spinout by IP Group Australia, Monash University, Murdoch University, the University of Western Australia, and the Baker and Perron medical research institutes to develop new therapies for inflammatory disorders.
Monash University’s Faculty of Medicine, Nursing and Health Sciences helped create the company’s main program, RB042 — an inhaled treatment for inflammatory lung diseases.
Dr. Siro Perez, the newly appointed CEO who helped establish Rage Biotech at IP Group, said RB042 has shown positive results in early pre-clinical testing.
“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. Siro Perez, now the CEO of Rage Biotech, previously led the Life Sciences team at IP Group Australia and has co-founded several biotech startups. He has also worked in venture capital at Hadean Ventures and SAC Capital.
He takes over from founding CEO Dr. Chris Wraight, who now serves as Rage Biotech’s Chief Scientific Officer.
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