‍June 2024

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Diagonal Therapeutics is a biotech company pioneering a new approach to discovering and developing agonist antibodies. The Company's DIAGONAL platform combines proprietary computational and experimental techniques to overcome historical challenges associated with agonist antibody drug discovery. 

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Challenge

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At the end of 2022, Diagonal, an early-stage biotechnology company, faced challenges typical for biotech startups. Co-founder and CEO Alex Lugovskoy, PhD, knew every dollar had to be spent wisely. Diagonal sought a solution to accommodate a growing scientific team executing an ambitious discovery plan that didn’t involve building laboratory space, purchasing laboratory equipment, or assuming lab operational responsibilities. 

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"Building out your own lab takes time and money, and as an early-stage company, every day and dollar matters," Lugovskoy stated.

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Solution

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Diagonal decided to join Labshares, a shared laboratory incubator located in the Greater Boston area. Labshares provided Diagonal with all the necessary infrastructure without the large initial capital outlay or long-term financial commitment. Labshares offered state-of-the-art equipment, laboratory services, and a supportive environment conducive to innovation and growth.

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"We’re good at many things, but laboratory operations are not where we build value. We appreciate how well the Labshares team handled that. Coming to Labshares allowed us to focus on building value through our scientific program advancement," Lugovskoy explained.

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It soon became evident that the benefits extended beyond mere financial flexibility. Diagonal found that Labshares fostered a professional and collaborative environment. 

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"The environment at Labshares is professional – it helps serious biotechs get stuff done. A collaborative community creates a good environment conducive to innovation," noted Lugovskoy.

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The amenities allowed Diagonal to grow within Labshares’ space. Having started with 4 FTEs, the team grew to 17 over time. In addition, Diagonal expanded its laboratory footprint from a single small private suite to multiple full private suites. 

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“The location of Labshares was perfect for us. Not being in Seaport or Cambridge made the commute easy for our staff, and ample free parking was everyone’s favorite.”

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Results 

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While at Labshares, Diagonal advanced its pipeline, including its lead antibody agonist, for a rare genetic disease called Hereditary Hemorrhagic Telangiectasia. Within a year of coming to Labshares, Diagonal raised $128 million in equity financing. By leveraging Labshares' facilities, equipment, and back-end expertise, Diagonal directed its resources towards scientific innovation and rapid growth, setting a strong foundation for its future success.