December 23, 2025 quietly put a flag in the ground for anyone watching fibrosis beyond the noise. Mediar Therapeutics, founded in 2019 on research born inside Massachusetts General Hospital and Brigham and Women’s Hospital, disclosed a $37.8M Series B via an SEC Form D, part of a $75.7M total offering. No victory laps. No glossy press quotes. Just capital lining up behind a disease category tied to roughly 45% of deaths in industrialized nations. Fibrosis does not shout. It tightens, hardens, and waits. Mediar Therapeutics was built for that kind of opponent.
The idea underneath the company is refreshingly direct. Instead of chasing inflammatory sparks, Mediar Therapeutics targets the fibrotic mediators that keep scarring alive long after the match is lit. Myofibroblasts do the damage, and Mediar Therapeutics designs antibodies to shut down their signals without knocking out immune defenses that still matter. Three first in class programs, all measurable in blood, all tied to disease severity, all designed for precision instead of hope and prayer. In a field famous for complexity, this approach is almost confrontational in its clarity.
Rahul Ballal, Ph.D., brings nearly 20 yrs of biotech scar tissue to the CEO role, including leading Imara Inc. through a public market collision that only teaches lessons once. Paul Yaworsky, Ph.D., spent 21 yrs inside Pfizer shaping inflammation and immunology programs before co-founding Mediar Therapeutics to go after fibrosis at its core. In Oct 2023, Jeff Bornstein, M.D., joined as CMO, grounding ambition in clinical reality. The long view sits with Executive Chairman Simon Sturge, whose career spans Celltech Biologics, Kymab, Vernalis, Merck, and multiple exits that closed the loop instead of promising one.
The pipeline is already moving under real world gravity. MTX 463, a WISP 1 targeting antibody for idiopathic pulmonary fibrosis, entered Phase 2 in early 2025, with the first patient dosed on June 5. The WISPer trial stretches across ~15 countries because fibrosis does not respect borders. MTX 474, targeting EphrinB2 in systemic sclerosis, completed Phase 1 in 2024 and is queued for Phase 2. The SMOC2 program is aimed at renal fibrosis, with clinical candidate nomination planned for H1 2025. This is sequencing risk, not stacking slides.
Capital follows conviction. Before this Series B, Mediar Therapeutics raised $105M across seed and Series A, backed by Novartis Venture Fund, Sofinnova Partners, Pfizer Ventures, Mission BioCapital, Gimv, Pureos, Bristol Myers Squibb, Eli Lilly and Company, Ono Venture Investment, and Mass General Brigham Ventures. In Jan 2025, Eli Lilly and Company licensed MTX 463 globally, delivering $99M upfront and near term, with additional milestones that only show up after real diligence. Partnerships with Pfizer Ignite and WuXi Biologics complete a platform built to move antibodies from lab to clinic without wobble.
Fibrosis is slow, relentless, and expensive in human terms. Mediar Therapeutics is playing a longer track, one where biomarkers replace blind bets and antibodies do the heavy lifting. This Series B is not about noise. It is about pressure, applied precisely, until something immovable finally gives.
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