Series B round includes a $10 million investment in new capital and a $6 million conversion in convertible debt. Takeda Pharmaceuticals, through its venture group, led the Series B round and participated in both new and existing investors, including Alethea Capital, Alexandria Real Estate Equity, Brace Pharma, EcoR1 Capital, F-Prime Capital, Moore Venture Partners and Tavistock Life Sciences.
‘Our ASC platform brings together two of the most powerful innovations over the last 20 years-monoclonal antibodies and oligonucleotides-to create a new class of precision medicines,’ said Troy Wilson, Ph.D. D. D. J, J. D. D. , Chairman and Chief Executive Officer of Avidity Biosciences ‘Although siRNA-based therapists have shown significant clinical and commercial promise, conventional approaches are limited to addressing liver disease. Because ASCs use antibodies to overcome barriers to the delivery of siRNA, they have the potential to impact a wider range of therapeutic areas. Our goal is to partner with leading pharmaceutical and biotechnology companies to deliver an ASC pipeline targeting genetic disease drivers. ”
ASCs link a monoclonal antibody—designed against a specific molecular target—to a therapeutic siRNA payload that allows the conjugate to have unmatched specificity and selectivity. In preclinical models, ASCs have shown potential to reduce messenger RNA levels in multiple important cell types and tissues, including tumor, muscle, heart, lung, liver and B cells. In addition, ASCs have drug-like properties comparable to antibodies and antibody drug conjugates.
In connection with funding, Avidity Biosciences has announced that Michael Martin, Ph.D. D. D. , Global Chief of Takeda Ventures Inc. , and Todd Brady, Chief Financial Officer and Investment Officer of Brace Pharma Capital, will join his Board of Directors. Tony Hsu, founder and chief investment officer of Alethea Capital, will also join the board of directors as a non-voting member.
‘We believe Avidity’s ASC platform offers a compelling approach that builds on antibodies, ADCs, and oligonucleotide-based therapeutic successes,’ said Dr. Martin’s ‘Avidity has recruited a top-notch team and made significant progress in meeting its scientific and business objectives. We look forward to working with the company to fulfill the promise of ASCs as a new class of precision medicines. ”
Avidity Biosciences is a privately held biotech company that is pioneering a new class of precision medicines-Antibody-siRNA Conjugates (ASC)-which combines the strengths of monoclonal antibodies and siRNA-based therapeutics. Avidity Biosciences is working with partners to discover best-in-class drug candidates against significant undisguised therapeutic targets. Avidity has entered into research collaborations with leading biopharmaceutical companies and is actively seeking additional partnerships Avidity raised $25 million in venture financing from a top-tier group of sophisticated healthcare investors. More information on Avidity can be found on the company’s website at www. Biosciences of Avidity Come on,
Please note that this piece of work originally appeared in English at https://www.vcnewsdaily.com/Avidity%20Biosciences/venture-funding.php. As Investocracy aims to bring global startup news and updates in both English and Japanese to you, it’s important that we attribute original source to you. If you have any questions/concerns please write to us at email@example.com