Biologic drugs are a mainstay for treating immune-mediated diseases, but they still have limitations. Attovia Therapeutics is developing next-generation biologics that could offer better safety and efficacy with the bonus of less frequent dosing compared to currently available products. The lead indication for Attovia’s early clinical lead program is severe itching. The biotech now has $289 million from an IPO to finance that program and the rest of its pipeline.
Attovia initially aimed to offer 12.5 million shares in the range of $15 to $17 each. Late Tuesday, the company boosted the deal size to 17 million shares priced at the top of the projected price range. Those shares will trade on the Nasdaq under the stock symbol “ATTO.”
San Carlos, California-based Attovia calls its drugs “Attobodies.” These biologics are designed to bind to two distinct places on a target, giving it greater selectivity. The strength of that binding is tunable, so the drug’s potency can be adjusted. The half-life of an Attobody is also tunable to adjust the dosing interval. To address diseases driven by multiple targets, multiple Attobodies can be connected together. Attovia’s drugs come from the company’s proprietary Attobody technology platform.
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“We believe the future treatment of immune-mediated diseases will be defined by precisely engineered biologics capable of delivering both enhanced efficacy as well as improved durability and patient convenience,” Attovia said in the IPO filing. “Our strategy is to leverage our Attobody platform to develop next-generation, precision-designed biologics with the potential to improve clinical outcomes while enabling infrequent [subcutaneous] dosing.”
Attovia’s lead program is ATTO-1310, an Attobody designed to block interleukin-31 (IL-31), a signaling protein that plays a role in severe itching, also called pruritus. It’s currently in early clinical development for chronic pruritus of unknown origin (CPUO). In the filing, Attovia said Phase 1b data show the study drug led to rapid and deep itch relief in patients with chronic pruritus and high-itch atopic dermatitis. In the atopic dermatitis patients, results also showed consistent lesion control. The company said it believes these results support subcutaneous dosing every three months. The company plans to start a Phase 2 test by the first half of 2027.
ATTO-1310’s dosing interval would be an advantage over the one commercially available drug that inhibits IL-31, the Galderma antibody nemolizumab, brand name Nemluvio. This monthly injectable drug won two separate FDA approvals in 2024, first for prurigo nodularis and then for moderate-to-severe atopic dermatitis.
The next Attovia program is ATTO-2306, an Attobody designed to inhibit IL-13 and IL-31 — the same targets addressed by the blockbuster Sanofi and Regeneron Pharmaceuticals antibody drug Dupixent, which has FDA approvals in nine immunological indications. In the filing, Attovia said it aims to offer better lesion and itch control and less frequent dosing than Dupixent, which is administered as an injection every two to four weeks. Attovia plans to begin a Phase 1 test of ATTO-2306 in the first half of next year.
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With ATTO-1091, Attovia goes after TL1A, IL-23, and integrin-alpha 4 beta 7. Each target plays a distinct role in inflammatory bowel disease (IBD). Attovia believes its drug could improve on currently available IBD drugs. While there are currently no FDA-approved IBD drugs that inhibit TL1A, it’s becoming a competitive target. In June, Merck reported its TL1A-blocking antibody, tulisokibart, met the main and secondary goals of a Phase 3 test in ulcerative colitis, a type of IBD. Others in the clinic with anti-TL1A antibodies include Roche and partners Teva Pharmaceutical and Sanofi. In June, startup Bionyra Pharma launched, revealing a pipeline that includes an early clinical TL1A-blocking antibody that could offer dosing every three or six months. Attovia’s ATTO-1091 is in late preclinical development; a Phase 1 clinical trial is planned for the first half of 2027.
The platform technology that led to Attovia’s three internally discovered therapeutic candidates was licensed from proteomics company Alamar Biosciences, which completed its own IPO in April. The 2023 licensing agreement gave Alamar a small equity stake in Attovia and makes the company eligible for milestone payments plus royalties from sales of any approved products.
From Attovia’s founding in 2022 through the first quarter of this year, the company said it had raised $255.8 million from investors. Attovia’s most recent financing was a $90 million Series C round last year. Frazier Life Sciences is the largest shareholder with a 14.4% post-IPO stake, followed by the 9.8% owned by venBio. Alamar holds a 7.5% post-IPO stake. Attovia is led by founder and CEO Tao Fu, who is also a venture partner at Frazier.
As of March 31, Attovia reported its cash position was $132.6 million. The company plans to spend $110 million to $130 million to advance lead program ATTO-1310 through Phase 2 testing in CPUO and high-itch atopic dermatitis. Another $60 million to $80 million is budgeted for ATTO-2306’s Phase 2 testing in moderate-to-severe atopic dermatitis. The remaining capital will support the research pipeline, including advancing ATTO-1091 through Phase 1 testing in IBD. The company estimates its capital will be enough to support operations into 2029.
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