MBX Biosciences Announces Closing of Seed Funding
CARMEL, Indiana, September 10, 2019 — The Indiana University Philanthropic Venture Fund, which is part of IU Ventures, has invested $500,000 in MBX Biosciences Inc., a company founded by Indiana University Bloomington Distinguished Professor Richard DiMarchi, IUPUI alumnus Kent Hawryluk and Tim Knickerbocker.
MBX Biosciences has also received investments from Twilight Venture Partners II and the BioCrossroads-managed Indiana Seed Fund III as part of its initial $2.5 million financing.
DiMarchi said MBX Biosciences develops therapeutics to treat rare endocrine disorders that represent substantial unmet medical need.
“Our leadership team has a longstanding commitment to serving patients suffering from endocrine diseases,” DiMarchi said. “The investment from IU Ventures will support our initial discovery research in search of drug candidates with potential life-saving properties against these rare disorders.”
The startup has several ties with Indiana University, including an agreement for the company to support research at the DiMarchi Laboratory in Bloomington.
“MBX is proud of our association with Indiana University as sponsor of IU-based research and as an IU Philanthropic Venture Fund portfolio company,” Hawryluk said. “This investment from IU’s flagship venture fund is highly validating for our business and provides a strong foundation of institutional support.”
Teri Willey, manager of the IU Philanthropic Venture Fund and executive director of IU Ventures, said, “The experience of the business and science team at MBX creates a unique opportunity for a life science venture at this early stage. We are pleased to be part of an experienced syndicate of investors as the first money into this promising venture.”
About MBX Biosciences
MBX Biosciences is a biotechnology company creating therapies for rare endocrine diseases. Members of MBX’s leadership team previously collaborated in the creation of highly successful endocrine drugs (Humalog®, Forteo®) and three Indiana-based companies (Marcadia, Calibrium and MB2). MBX is strengthened by world-class proprietary technology and drug candidates licensed from the DiMarchi Indiana University laboratory. The company is supported by investment from leading life science investors that include Frazier Healthcare Partners, OrbiMed, and New Enterprise Associates. For more information, please visit mbxbio.com.