Matchpoint raises $150M Series B for covalent medicine pipeline

Matchpoint Therapeutics has raised $150 million in a Series B financing to advance its precision covalent medicine pipeline, according to Fierce Biotech. The funding round was co-led by Nextech Invest and Norwest.

Fierce Biotech reported that returning backers Sanofi Ventures and Digitalis Ventures participated alongside new investors Invus, BB Biotech, T1D Fund and BOLD Longevity Growth. Founding investors are Access Biotechnology and Atlas Venture.

Lead program is the priority

Matchpoint said its top spending priority is advancing MPT-062 into the clinic next year, Fierce Biotech reported. MPT-062 is an oral T-cell modulator that Matchpoint is developing for autoimmune and inflammatory diseases.

The company also plans to direct some proceeds toward its broader product pipeline, although Fierce Biotech noted that details of those programs remain undisclosed.

Platform and prior support

Fierce Biotech reported that the Watertown, Massachusetts-based company launched in 2022 with its Advanced Covalent Exploration platform. The platform combines machine learning, a library of covalent compounds and chemoproteomics to identify covalent binders.

The Series B follows Matchpoint’s $70 million Series A in 2022, led by Sanofi Ventures, according to Fierce Biotech. The publisher also reported that Matchpoint later received $60 million in upfront cash from Novartis in exchange for an option to develop oral covalent inhibitors against an unnamed transcription factor associated with inflammatory diseases.

Board additions accompany financing

As part of the investment, Nextech managing partner Kanishka Pothula, Ph.D., and Norwest principal Brian Matesic, M.D., are joining Matchpoint’s board, Fierce Biotech reported.

For medical and pharmaceutical sales professionals, the financing marks continued investor support for programs focused on autoimmune and inflammatory diseases, as Matchpoint prepares its lead asset for clinical development.