Calluna Pharma

Calluna Pharma

Oslo, Norway· Est.
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Private Company

Total funding raised: $108M

Overview

Calluna Pharma is a clinical-stage biotech targeting the root causes of inflammation and fibrosis through a novel platform centered on Damage Associated Molecular Pattern (DAMP) proteins. Its lead asset, an anti-S100A4 antibody (CAL101), is in Phase 2 for IPF, with a broader pipeline targeting oxidized phospholipids (oxPLs) for other chronic inflammatory conditions. The company leverages over 30 years of foundational research from its co-founders and has established a key strategic alliance with Eli Lilly, positioning it to address significant unmet medical needs in large and growing markets.

Inflammatory DiseasesFibrotic Diseases

Technology Platform

Platform targeting upstream innate immune amplifiers, specifically Damage Associated Molecular Pattern (DAMP) proteins like S100A4 and oxidized phospholipids (oxPLs), to modulate a wide range of inflammatory and fibrotic signaling pathways.

Funding History

3
Total raised:$108M
Series A$75M
Series A$25M
Seed$8M

Opportunities

The lead program in IPF addresses a progressive, fatal disease with limited treatment options and a growing patient population.
Success in Phase 2 would validate the novel S100A4 platform, enabling expansion into other large fibrotic and inflammatory markets like systemic sclerosis and rheumatoid arthritis.

Risk Factors

The primary risk is clinical failure of the Phase 2 CAL101 trial, which would undermine the core platform.
As a pre-revenue, private company, Calluna also faces funding and execution risks, alongside significant competition in the fibrosis and immunology space from larger, well-resourced players.

Competitive Landscape

Calluna competes in the crowded fibrosis and inflammation space, going against both approved anti-fibrotics (e.g., pirfenidone, nintedanib) and numerous biotechs targeting cytokines, growth factors, and immune cells. Its differentiation lies in its upstream, innate immune-focused approach targeting DAMPs, a novel mechanism that, if proven, could offer broader efficacy across multiple disease pathways.