Biotech hedge fund launches North Immunology to develop long-acting antibody for atopic dermatitis

STAT+ hedge fund is creating a new immunology company called North Immunology with the goal of delivering a better, long-acting antibody therapy for atopic dermatitis.

The concept originated two years ago when analyst Mohit Gupta presented the idea to Dan Schneeberger of Adar1 Capital, proposing a ground-up effort rather than investing in an existing program.

Schneeberger, whose primary role is to fund established biotech firms, is moving into company building, marking a notable shift in strategy for the fund.