ReCode Therapeutics Raises $ 80 Million Oversubscribed Series B Funding Round
– Funding co-led by Pfizer Ventures and EcoR1 Capital with participation from a syndicate of world-class life sciences investors
– Company to Advance mRNA and Gene Correction Therapies in Cystic Fibrosis and Primary Ciliary Dyskinesia Clinic
– ReCode’s proprietary non-viral lipid nanoparticle (LNP) delivery platform to generate an in-depth pipeline of therapies targeting the lungs, liver and other extrahepatic tissues
– Company to expand in-house manufacturing capabilities to support research and clinical programs
MENLO PARK, California & DALLAS, October 21, 2021– (COMMERCIAL THREAD) –ReCode Therapeutics (the “Company”), a pioneering biopharmaceutical company in the field of genetic disease-modifying drugs using its proprietary LNP delivery platform, today announced the closing of a series funding round B $ 80 million co-led by Pfizer Ventures and EcoR1 Capital. New investors include Sanofi Ventures, funds managed by Tekla Capital Management LLC, Superstring Capital and NS Investment. Existing investors who participated included OrbiMed, Vida Ventures, MPM Capital, Colt Ventures, Hunt Technology Ventures, LP and Osage University Partners (OUP). Proceeds from the Series B funding will be used to direct ReCode’s flagship programs in primary ciliary dyskinesia (PCD) and cystic fibrosis (CF) into human clinical studies, expanding the portfolio of treatments for patients with of genetic respiratory diseases limiting life expectancy, advancing its LNP Platform for the specific delivery of organ RNA and gene correction therapies and for increasing internal manufacturing capacities.
“ReCode strives to unleash the power of genetic medicine by providing therapies with our new LNP platform, which has the potential to reach a wide range of diseases involving multiple organs and tissues,” said David Lockhart, Ph.D. ., CEO and President, ReCode Therapeutics. “The significant capital obtained from such a respected group of investors, known for their support of innovative biotechnology companies, allows us to accelerate the delivery of impactful drugs to thousands of patients with genetic respiratory diseases in need of ‘options, including those with cystic fibrosis and PCD. “
As part of the closing of the funding, Rana Al-Hallaq, Ph.D., Partner at Pfizer Ventures and Executive Director of Pfizer Worldwide Business Development, has joined the Board of Directors of ReCode. “With this investment, we are delighted to support ReCode in the development of these new LNPs, which we believe could significantly expand the potential of genetic medicine in all therapeutic areas,” said Al-Hallaq.
Oleg Nodelman, Founder and Portfolio Manager of EcoR1 Capital has also joined the Board of Directors of ReCode in connection with the financing. “We are excited to co-lead ReCode’s Series B funding and support the company as it advances its unique technology that enables the delivery of new genetic drugs to target organs, tissues and cells. ReCode’s platform has the potential to unlock vast capabilities unattainable by first-generation mRNA and gene editing and enable the development of therapies for patients with historically incurable diseases. “
The main programs of ReCode focus on the genetic respiratory diseases PCD and CF. Recent preclinical data from the Company’s RNA-based CF program show that its LNPs can deliver CFTR mRNA that restores the function of a cystic fibrosis transmembrane conductance regulator (CFTR) in the hBE cell model derived from patient CF. Preclinical data from the Company’s inhaled mRNA-based program for the treatment of PCD demonstrated that its LNP formulations successfully delivered DNAI1 mRNA to target airway epithelial cells in hBE, mice and PNHs, and that robust ciliary activity was restored in treated DNAI1-deficient hBE cells.
About ReCode Therapeutics
ReCode Therapeutics is an integrated genetic drug company that develops disease-modifying therapies using its powerful LNP delivery technology to target organs and tissues beyond the liver. The Company’s pipeline includes flagship programs for patients with genetic respiratory diseases that limit life expectancy, including cystic fibrosis and primary ciliary dyskinesia. The Company takes advantage of its proprietary LNP platform and nucleic acid technologies and uses systemic and direct delivery for mRNA replacement and gene editing / correction in target cells, including stem cells. For more information visit www.recodetx.com and follow us on Twitter @ReCodeTx and LinkedIn.
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