Candid Therapeutics Launches with $370 Million Funding, Aims to Revolutionize T Cell Engager Market for Autoimmune Diseases

Funding:
Candid Therapeutics has debuted with over $370 million in seed funding to develop transformative therapies for autoimmune diseases.

Leadership:
The company is led by Ken Song, previously CEO of RayzeBio, which was acquired by Bristol Myers Squibb for $4.1 billion.

Pipeline:
Candid has acquired two bispecific T cell engagers, CND106 and CND261, targeting B-cell maturation antigen and CD20 antigen, respectively, both of which also target the CD3 antigen on T-cells.

Goals:
Candid aims to dominate the T cell engager market and potentially change the paradigm in treating autoimmune diseases, comparing its drugs to the success of Humira and Rituxan.

Investors:
The funding comes from a high-profile roster of backers including Third Rock Ventures, OrbiMed, Foresite Capital, and LifeSci Venture Partners, among others.