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Fundraisings and IPOs

Date: 2018-09-06

Type of information: Series A financing round

Company: Twentyeight-Seven Therapeutics (USA - MA)

Investors: MPM Capital (USA - MA) Novartis Venture Fund (USA - MA) Johnson & Johnson Innovation – JJDC (USA - NJ) Vertex Ventures (USA - CA) Longwood Fund (USA - MA) Astellas Venture Management (USA - CA)

Amount: $65 million

Funding type: series A financing round

Planned used:

  • The funding will be used to advance Twentyeight-Seven Therapeutics (28-7)’ lead program, aimed at the discovery and development of small molecules that increase the levels of the tumor suppressor microRNA (miRNA), Let-7, into serious cancer indications.
  • 28-7’s initial focus is on modulating miRNAs, which are short ncRNAs that inhibit target gene expression by suppressing mRNA translation and/or promoting mRNA decay. It is now well recognized that miRNAs are directly involved in cancer initiation, progression, and metastasis. 28-7’s technology does not focus on directly targeting the RNA itself or on developing oligonucleotides, but rather targets RNA modulating proteins (RMPs), enabling the use of small molecule drug candidates with broader access to cells and tissues.
  • Let-7 is an miRNA that suppresses the translation of oncogenes in cells, and low levels of this miRNA are correlated with greater cancer aggressiveness. The company’s leading protein target is Lin28, an RMP that reduces the levels of Let-7, and has been shown to be an oncogene, promoting cellular transformation and tumorigenesis. 28-7 is developing first-in-class drugs that inhibit Lin28’s activity and thus raise levels of Let-7 for treatment of various cancers.
 

Others:

  • • On September 6, 2018, Twentyeight-Seven Therapeutics (28-7), a biotechnology company focused on modulating non-coding RNA (ncRNA) biology to develop treatments for cancer and other diseases, announced the successful completion of its $65 million Series A financing. Founding investor MPM Capital and Novartis Venture Fund co-led the financing. They were joined by additional investors including Johnson & Johnson Innovation – JJDC, Inc., Vertex Ventures HC, Longwood Fund, and Astellas Venture Management.
  • In addition, 28-7 announced that Shomir Ghosh, Ph.D., has joined as its Chief Scientific Officer. Most recently CSO and a founding scientist at IFM Therapeutics, Dr. Ghosh has 25 years of scientific research, drug discovery and development experience in biotech and large pharma, and has successfully delivered multiple compounds into preclinical and clinical development in the immunology, oncology and CNS therapeutic areas.
  • 28-7’s initial focus is on modulating miRNAs, which are short ncRNAs that inhibit target gene expression by suppressing mRNA translation and/or promoting mRNA decay. It is now well recognized that miRNAs are directly involved in cancer initiation, progression, and metastasis. 28-7’s technology does not focus on directly targeting the RNA itself or on developing oligonucleotides, but rather targets RNA modulating proteins (RMPs), enabling the use of small molecule drug candidates with broader access to cells and tissues.
  • The company’s core technology comes from its four founding scientists, all leading researchers in RNA biology and cancer:
  • George Daley, M.D., Ph.D. ? Dean of the Faculty of Medicine and Professor of Medicine, Biological Chemistry and Molecular Pharmacology, Harvard Medical School
  • Richard Gregory, Ph.D. ? Professor of Biological Chemistry and Molecular Pharmacology, and Pediatrics, Harvard Medical School
  • Frank Slack, Ph.D. ? Professor of Pathology, Harvard Medical School, Professor of Pathology and Director of Institute of RNA Medicine, Beth Israel Deaconess Medical Center
  • Piotr Sliz, Ph.D. ? Associate Professor of Pediatrics and of Biological Chemistry and Molecular Pharmacology, Harvard Medical School
  • This founding group has been collaborating for years and has made substantial contributions to the science of ncRNA biology, including elucidating the role of ncRNAs in disease and identifying new RMP targets for drug discovery programs.
  • In addition to Dr. Shiosaki, several investors will join 28-7’s Board of Directors, including:
  • Luke Evnin, Ph.D. ? Managing Director and co-founder, MPM Capital
  • Briggs Morrison, M.D. ? Executive Partner, MPM Capital and CEO of Syndax Pharmaceuticals,
  • Carolyn Ng, Ph.D. ? Principal, Vertex Ventures HC
  • Michal Silverberg, M.B.A. ? Managing Director, Novartis Venture Fund

Therapeutic area: Cancer - Oncology

Is general: Yes