Apogee Therapeutics announced positive results on Wednesday from a mid-stage clinical trial of its experimental eczema treatment and also secured a financing agreement worth up to $1.3 billion with Blackstone Life Sciences.
According to the company, the funding will help support late-stage development efforts and the potential commercialization of the drug.
The company’s leading drug candidate, zumilokibart, is being developed as a treatment for moderate-to-severe Atopic Dermatitis, a long-term skin disorder commonly known as eczema.
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In the study involving 346 adult patients, 65.9% of participants receiving the mid-dose treatment and 61.6% of those on the higher dose achieved at least a 75% reduction in eczema severity after 16 weeks, compared with 23.4% of patients given a placebo. The drug successfully met all primary and secondary trial endpoints.
However, Geoff Meacham said the results appeared mixed because the higher dose performed below the mid-dose, a factor that could pressure the company’s stock performance.
Shares of Apogee Therapeutics were down nearly 6%, trading at $78.06.
‘FRONTLINE DRUG OF CHOICE’
CEO Michael Henderson pushed back on concerns around the high dose, saying, “Some people might have wanted to see the high dose, but the mid-dose kind of created a very clear choice and is a great go-forward dose.”
“We think there’s a clear path forward for this being the frontline drug of choice in AD.”
Apogee Therapeutics said it plans to move the selected mid-dose of zumilokibart into late-stage clinical trials during the second half of 2026.
Henderson noted that the financing agreement with Blackstone Life Sciences provides Apogee with a way to fund development without depending heavily on equity markets, while also maintaining strategic flexibility.
The financing package includes up to $800 million through a royalty-based agreement, along with access to as much as $500 million in senior debt. If zumilokibart receives approval from the U.S. Food and Drug Administration, the company could secure an additional $400 million in royalty funding.
Apogee is also exploring broader uses for zumilokibart beyond eczema treatment, including potential applications in asthma and, later, chronic obstructive pulmonary disease (COPD). The company expects to begin an asthma study in the first half of 2027.
“We have pipeline and product potential with Zumi,” Henderson said.
