The funding round was led by pi Ventures and also saw participation from Capital2B, Colossa Ventures, Bipin Agarwal, Unicornus Maximus, Ideaspring Capital, among others
Ahammune Biosciences is a clinical-stage therapeutics startup working to foster innovative solutions for chronic skin diseases
The Pune-based startup plans to use the fresh capital to conduct the second phase of human clinical trials for its drug candidate for vitiligo, expand the patent portfolio and advance R&D
Biotech startup Ahammune Biosciences has raised $5 Mn (about INR 41 Cr) in its Series A round led by pi Ventures.
The round also saw participation from Capital2B, Colossa Ventures, Bipin Agarwal, Unicornus Maximus, as well as existing investors Ideaspring Capital, Kotak Alternate Assets, Legacy Assets LLP and IAN.
The Pune-based startup plans to use the fresh capital to conduct the second phase of human clinical trials for its drug candidate for vitiligo. The funds will also be utilised to expand the patent portfolio and advance R&D efforts for other immune-mediated skin diseases.
Founded in 2016 by Dr Parul Ganju and Dr Krishnamurthy Natarajan, Ahammune is a clinical-stage therapeutics startup working to foster innovative solutions for chronic skin diseases.
“Unlike existing treatments, our small molecule drug candidate does not cause generalised immunosuppression and has first-in-class mechanism of action, with an ability to not only stop patch spread but also stimulate the function of colour producing cells in skin, thereby inducing repigmentation,” cofounder and CEO Dr Ganju said.
While the startup’s next phase of human trials will focus on assessing the safety and efficacy of the drug candidate, it will also look to expand its patent portfolio around its proprietary small molecule therapeutics platform.
Besides vitiligo, a skin depigmenting disorder that affects 1-2% of the global population, Ahammune is also developing treatments for other dermatological conditions. “Currently, our second pipeline drug is for eczema.This is also a global problem. In the West, almost 20% of children are affected by it, as even in several people, even when they grow older, it stays with them,” the CEO explained.
The startup previously raised an undisclosed amount in its pre-Series A round from Ideaspring Capital and Indian Angel Network. It also received grants totalling INR 2.1 Cr from the Department of Biotechnology to conduct animal studies.
Commenting on the investment, pi Ventures managing director Roopan Aulakh said, “India’s biotech landscape is evolving beyond generics and contract research, with innovative startups like Ahammune leading the charge. We are confident that their breakthrough drug molecule has the potential to treat vitiligo without the associated side effects of existing treatment options.”
Ahammune currently claims to have an eight-member team, including four PhDs. It has filed 20 patent applications, with seven already granted in countries including India, the US, Europe, Israel, and Australia.
The development comes at a time when the Centre is also promoting startups in the biotech sector. As part of this push, the Department of Pharmaceuticals launched the Scheme for Promotion of Research and Innovation in pharma-medtech sector (PRIP) last year, with 50 out of 125 research projects allocated for startups.
As of June 30, 2024, the Department for Promotion of Industry and Internal Trade (DPIIT) recognised 2,127 startups in the pharmaceutical sector, with 1,397 new pharmaceutical startups established in the last three years.
