Bain Capital Ventures Led the Funding Round; Brings Total Funds Raised to Over $125 Million
SAN FRANCISCO–(BUSINESS WIRE)–#funding—Loyal, a biotech company pioneering longevity drugs for dogs, today announced that it has successfully completed its Series B funding round, securing $45 million in investment. The round was led by Bain Capital Ventures. This brings total funding raised by Loyal to more than $125 million since its founding in 2019 and includes a $12 million credit facility from Bridge Bank, part of Western Alliance Bank.
Most major existing investors from Loyal’s previous financings – including Khosla Ventures, First Round Capital, Box Group, Collaborative Fund, Quiet Capital, and Todd & Rahul’s Angel Fund – participated in this round. Bain Capital Ventures and Valor Equity Partners are new investors.
“This fundraise fuels our efforts to bring to market what we hope will be the first FDA-approved drug to extend healthy lifespan,” said Celine Halioua, Founder and CEO of Loyal. “All of our work is centered on giving dogs longer, healthier lives. I’m proud of the work the team has done to date and we have a very important and challenging vision to realize. I’m excited to work with our new and existing investors and continue to make FDA-approved dog longevity drugs a reality.”
The Series B funding will support continued development with expected product launch in early 2025, pending FDA approval.
“Celine and her innovative, passionate, and responsible team at Loyal are making fast progress toward approved longevity medicines,” said Kevin Zhang, Partner at Bain Capital Ventures. “For the 65 million households in America with a dog, Loyal’s promise means longer, healthier dog lives – more priceless memories of excited greetings at the door, games of fetch in the park, and cozy afternoons together on the couch.”
This funding follows several significant milestones for the company:
- Earning what Loyal believes to be the FDA’s first-ever formal acceptance that a drug can be developed and approved to extend lifespan. FDA review is being led by the agency’s Center for Veterinary Medicine.
- Completing the technical effectiveness section of the conditional approval application for LOY-001’s use in large dog lifespan extension.
- Launching the STAY study, the pivotal effectiveness study for LOY-002, in development for dog lifespan extension. STAY will include more than 1,000 dogs across over 50 veterinary sites in the United States.
- Continued progress towards the other FDA dossier approvals necessary for LOY-002 conditional market approval in early 2025.
- Strong dog owner and veterinary engagement and interest in Loyal’s products.
Loyal currently has three drugs in development to extend healthy lifespan in dogs. LOY-001 and LOY-003 are designed to extend the healthy lifespan of large-breed dogs, and LOY-002 is designed for senior dogs 14 pounds and over. The company anticipates that LOY-002 will be available in early 2025, pending FDA conditional approval.
About Loyal
Loyal is a biotech startup developing the first drugs intended to help dogs live longer, healthier lives. By targeting the underlying mechanisms of aging, Loyal hopes to extend the lifespan of dogs and maintain their quality of life as they age. For more information, please visit loyalfordogs.com.
Contacts
Tim Smith
Element Public Relations
415-350-3019
press@loyalfordogs.com