REDWOOD CITY, Calif. — LTZ Therapeutics has raised $38 million in an oversubscribed financing round to support development of its myeloid engager immunotherapy pipeline.
The clinical-stage biotechnology company, which is based in Redwood City and Shenzhen, China, said the round was led by GL Ventures, with significant participation from a sovereign wealth fund and continued support from existing shareholders. The financing brings LTZ’s total funding to about $130 million since its founding in 2022.
LTZ said the proceeds will support development of its Universal Myeloid Cell Engager platform, known as U-MCE, including its lead asset LTZ-301, which is being developed for oncology and autoimmune diseases. The funding will also support the company’s ongoing Phase 1 clinical study of LTZ-301, which is enrolling patients at multiple clinical sites in the U.S., as well as an Investigational New Drug filing and Phase 1 initiation for its second asset, LTZ-232.
“This financing empowers us to translate the potential of our Myeloid Engager Platform into tangible clinical impact for patients,” said Robert Li, Ph.D., founder and chief executive officer of LTZ Therapeutics. “We are building strong momentum across our pipeline and we’re grateful for the robust support from high-caliber investors, whose partnership enables us to accelerate the development of innovative immunotherapies designed to harness myeloid biology to address significant unmet medical needs.”
In connection with the financing, LTZ appointed Erin Lavelle as an independent director on its board.
Lavelle has more than 25 years of executive experience across large pharmaceutical and biotechnology companies, including private and public companies. She most recently served as chief operating officer and chief financial officer of ProfoundBio, where she helped lead the company’s $1.8 billion acquisition by Genmab and its $112 million Series B financing.
“We’re excited to welcome Erin Lavelle to our board at this pivotal stage of growth,” Li said. “Erin brings over 25 years of industry executive experience spanning across large pharma and biotech, including both private and public companies. Most recently as the chief operating officer and chief financial officer of ProfoundBio, Ms. Lavelle led the company’s $1.8 billion acquisition by Genmab and the $112 million oversubscribed Series B financing preceding the acquisition, and spearheaded the company’s public company readiness efforts. Erin’s addition to LTZ Board will be invaluable as we continue advancing our clinical pipeline and scaling the company globally.”
“GL Ventures is pleased to partner with LTZ as the company scales its novel, proprietary U-MCE platform to harness the therapeutic potential of myeloid biology through multiple early-stage programs,” GL Ventures said in a statement. “The transition of its lead asset LTZ-301 into Phase 1, alongside the upcoming IND filing for LTZ-232, reflects the team’s operational efficiency and proven ability to execute on this first-in-class modality. We will continue to support Robert and his team as they advance this innovative platform to bring breakthrough treatment options to patients.”
