The funding initiative was spearheaded by Fairmount and Venrock Healthcare Capital Partners, with contributions from Driehaus Capital Management, Deep Track Capital, Franklin Templeton, Braidwell and RTW Investments.
The investment will bolster Jade’s efforts to create targeted treatments for conditions with significant unmet medical needs within the realms of inflammation and immunology.
The company is poised to enhance the standard of care for patients suffering from these health issues.
In conjunction with the funding, Dr Andrew King was appointed as chief scientific officer of the company.
With over 15 years of experience in both biotech and pharmaceutical sectors, King is said to make a substantial impact on the company’s strategic direction, the company noted.
Jade Biosciences emerges as the fourth entity to be launched from the discoveries and developments of Paragon Therapeutics.
This lineage includes other innovative biotech firms such as Apogee Therapeutics, Spyre Therapeutics, and Oruka Therapeutics, all contributing to the advancement of medical treatments.
Dr King said: “We are confident that our preclinical stage assets, engineered by the exceptional team at Paragon, have the potential to change the treatment landscape for patients living with autoimmune diseases.
“The company is backed by a strong slate of investors who helped fund the company and support its vision of delivering transformative therapies to patients in need.”
The company’s pipeline includes biologics developed by Paragon, which was formed by healthcare investor Fairmount.