Pandion Therapeutics Announces Close of $80 Million Series B Financing

- Financing round co-led by Access Biotechnology and Boxer Capital and included new investors RA Capital and OrbiMed

- Proceeds to support advancement of pipeline of modular proteins and bifunctional antibodies for autoimmune diseases, including lead clinical-stage IL‑2 mutein program

Pandion Therapeutics, Inc., a clinical-stage, privately-held biotechnology company developing modular protein therapeutics for autoimmune disease, today announced that it has closed an $80 million Series B financing. The financing round was led by Access Biotechnology and Boxer Capital and included other new investors RA Capital and OrbiMed. In addition, all of Pandion’s existing venture capital investors, including Polaris Partners, Versant Ventures, Roche Venture Fund, SR One, JDRF T1D Fund and BioInnovation Capital, participated in the round.

"This financing from a world-class syndicate of life science investors speaks to the strong potential of our pipeline of modular proteins and bifunctional antibodies for autoimmune diseases," said Rahul Kakkar, M.D., Chief Executive Officer of Pandion Therapeutics. "With their support, we are well positioned to continue to advance our lead clinical-stage IL-2 mutein program, PT101, and execute on our strategy to develop new therapies for areas of high unmet need."

Proceeds of the financing will support the continued development of multiple product candidates in Pandion’s pipeline, including lead clinical-stage program, PT101, a novel interleukin 2 (IL-2) mutein Fc fusion protein, which is currently in Phase 1 clinical development; bringing a second program into the clinic; and broadening Pandion’s modular drug design platform. The financing will also enable the company to expand its team and infrastructure to support the future growth of the company.

Concurrent with this financing, Dan Becker, M.D., Ph.D, Principal, Access Biotechnology and Christopher Fuglesang, Ph.D, J.D., Co-Founder and Managing Director of Boxer Capital will be joining the Pandion Board of Directors.

"Pandion is leading the field with its platform for developing modular biologics for immune regulation designed for precise, disease modifying response at the site of autoimmune and inflammatory diseases," said Dr. Becker. "We are excited to partner with Pandion as they develop and advance their robust pipeline of promising drug candidates."

About PT101
PT101 is an interleukin 2 (IL-2) mutein Fc fusion protein therapy designed to potently and selectively expand regulatory T cells for the treatment of autoimmune disease. PT101 is currently in a Phase 1 clinical trial designed to assess the safety, tolerability, and pharmacokinetics of PT101 after subcutaneous administration. The clinical trial will also include regulatory T cell expansion and other pharmacodynamic measures.

About Pandion Therapeutics
Pandion Therapeutics is developing modular biologics for autoimmune regulation that are designed to achieve lasting therapeutic outcomes for patients with autoimmune and inflammatory diseases. The company is developing its lead drug candidate, PT101, an IL-2 mutein Fc fusion protein that preferentially expands regulatory T cells, as well as a robust pipeline of systemic immune modulators and tissue-targeted therapeutics focused on the gut, liver, skin, kidneys, and pancreas. Pandion’s approach to developing modular proteins, antibodies and bispecifics includes two key elements: first, the innovative biologics are based on cutting-edge immunomodulators such as an IL-2 mutein or PD-1 agonist that work systemically by activating regulatory pathways of the immune system that suppress uncontrolled autoimmune responses; and second, these immunomodulators can be combined with tissue-selective tethers, building modular proteins and antibodies that target the precise location within the organ to deliver the desired effect. Pandion is backed by leading life sciences investors and is headquartered in Cambridge, Massachusetts. Please visit www.pandiontx.com.

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