Date: 2016-11-16
Type of information: Series A financing round
Company: Glycomine (USA - CA)
Investors: Chiesi Ventures (USA - MA) Sanderling Ventures (USA - CA) existing high net worth individuals and patients
Amount: $12 million
Funding type: series A financing round
Planned used:
- Glycomine is a californian company developing orphan drugs for serious rare monogenic disorders of metabolism and protein misfolding for which no other therapeutic options exist. The company's approach is to combine replacement therapies – substrates, enzymes, or proteins – with intracellular delivery vehicles consisting of bio-nanomaterials or ligands that target the molecules to the cell interior of clinically relevant organs.
- Glycomine will use the proceeds from this financing round to complete IND enabling pre-clinical studies and initiate clinical studies of its substrate replacement therapy in patients with Congenital Disorder of Glycosylation Type Ia (CDG-Ia). This inherited metabolic disorder is caused by a deficiency of phosphomannomutase 2 (encoded by the gene PMM2). As a result, the body fails to produce glycoproteins, which are proteins decorated with carbohydrates often referred to as sugar trees. CDG-Ia affects many systems of the body including the nervous system. Approximately 20% of children with the disease die within the first few years of life, often due to infection, liver problems, or heart disease. Others with CDG-Ia may live into adulthood and most are wheelchair bound throughout their life, unable to speak and live independently. There is no cure or therapeutic option for > 1000 children diagnosed with the disorder.
- Glycomine will also use the funds to accelerate discovery efforts towards an enzyme replacement therapy for N-glycanase deficiency (Ngly1).
Others:
- • On November 16, 2016 , Glycomine announced that it has raised $12 million in a Series A financing led by Sanderling Ventures and supported by Chiesi Ventures as well as existing high net worth individuals and patients. In conjunction with Glycomine's Series A financing, the company announced that Peter McWilliams, PhD, MBA, Managing Director at Sanderling Ventures and Giacomo Chiesi, MBA, Managing Partner at Chiesi Ventures joined the company's Board of Directors.
Therapeutic area: Rare diseases - Genetic diseases
Is general: Yes
