Funding to develop novel biologics targeting orphan bone
diseases into clinical trials
MONTREAL, July 27, 2017 /PRNewswire/ -- PreciThera,
Inc. a privately-held, precision medicine company, dedicated to the
design and development of innovative biological therapeutics for
the treatment of orphan bone diseases, today announced the
completion of a Series A Financing of CAD$36
million (US$29 million).
Investors participating in the financing include Sanderling
Ventures, Arix Bioscience, Fonds de solidarité FTQ, CTI Life
Sciences and Emerillon Capital.
Proceeds of the Series A financing will be used to develop novel
molecules and to advance PreciThera's lead candidate through IND
and into clinical studies with the goal to establish clinical proof
of concept and identify a path to registration.
PreciThera is focusing on orphan bone diseases that cannot be
treated via traditional protein replacement therapies. The company
utilizes a combination of informatics-based tools to combine
information from RNA sequencing and from genomic and clinical
databases to validate the major pathway responsible for clinical
symptoms in rare genetic disorders. Its precision medicine strategy
is particularly well-suited to address genetic diseases that, until
now, were classified based on their clinical manifestations and
treated with non-specific agents. By leveraging both a novel
understanding of the biology of these disorders and its precision
medicine strategy, PreciThera aims to achieve truly
disease-modifying outcomes for patients.
Industry veterans and scientific experts Dr. Philippe Crine and Dr. Susan Schiavi founded Montreal, Canada-based PreciThera in 2016.
Prior to PreciThera, Dr. Crine founded Enobia Pharma, which
advanced its lead product, asfotase alfa, into clinical development
for treatment of the orphan bone disease hypophosphatasia. Enobia
Pharma was acquired for $1.1B in 2012
by Alexion, which now markets the product as Strensiq. Dr. Schiavi
brings bone and metabolic disease expertise from her many years as
director of Genzyme's Bone and Mineral Metabolism team in support
of the company's blockbuster drug, Renvela.
Quotes
Dr. Philippe Crine, co-founder
of PreciThera, said: "We are grateful for the support of these
premier healthcare investors who believe in our vision of novel
therapeutic strategies for rare diseases and the potential of
precision medicine for speeding up and de-risking drug development
in this rapidly expanding area of the pharmaceutical industry. Our
mission is to provide highly innovative and life changing therapies
to patients with heterogeneous genetic diseases affecting the
skeleton who had up to now no or inadequate therapeutic
options."
Pierre Beauparlant, chief
executive officer of PreciThera, commented: "This fundraising
validates the potential that investors see in PreciThera's
approach. The decision to support the company's efforts was based
on strong scientific research, combined with the great market
potential for the company's drug candidates."
Peter McWilliams, Ph.D.,
managing director of Sanderling Ventures, said: "We are
pleased to be part of this oversubscribed Series A financing
combining a strong syndicate of Quebec based and US based investors to launch
PreciThera, another important new venture enhancing the vibrant
life science innovation ecosystem in Quebec."
About Sanderling Ventures
Sanderling Ventures is one
of the oldest investment firms dedicated to building new biomedical
companies. Sanderling emphasizes early-stage financing and active
management of its portfolio companies. Its principals play an
active role in new ventures by providing seed and early-stage
funding, contributing management leadership and administrative
support, developing cost-control strategies to extend available
dollars, supplying technical and regulatory expertise where needed,
and offering the insight and perspective of those who have "done it
before."
For further information, please visit www.sanderling.com
About Arix Bioscience plc
Arix Bioscience plc
is a global healthcare and life science company supporting medical
innovation. Headquartered in London and with an office
in New York, Arix Bioscience sources, finances and builds
world class healthcare and life science businesses addressing
medical innovation at all stages of development. Operations are
supported by privileged access to breakthrough academic science and
strategic relationships with leading research accelerators and
global pharmaceutical companies.
Arix Bioscience plc is listed on the Main Market of the London
Stock Exchange.
For further information, please
visit www.arixbioscience.com
About the Fonds de solidarité FTQ
Fonds de solidarité
FTQ is a development capital investment fund that channels the
savings of Quebecers into investments. As at May 31, 2017, the organization had $13.1 billion in net assets, and through its
current portfolio of investments has helped create and protect
186,440 jobs. The Fonds is a partner in more than 2,700 companies
and has 645,664 shareholder-savers.
For further information, please visit http://www.fondsftq.com
About CTI Life Sciences
Based in Montréal, CTI Life
Sciences, is a Canadian venture firm that invests in high quality
emerging life sciences companies at the pre-clinical and clinical
development stage in Canada and in
the U.S. CTI Life Sciences has $245
million in assets under management.
For further information, please visit
http://www.ctisciences.com
About Emerillon Capital
Based in Montreal, Emerillon Capital is a venture
capital fund dedicated to investing and supporting companies with
strong technological expertise that are positioned in sectors with
strong growth potential. It aims to accelerate commercial start-up
and support their expansion. Emerillon Capital invests primarily in
Canada. By leveraging the network
of CIC Capital, the Canadian subsidiary of CM-CIC Investissement,
its lead sponsor, Emerillon Capital offers entrepreneurs a gateway
to support their development projects in Europe.
For more information, visit www.emerilloncapital.com/en/
About PreciThera, Inc.
PreciThera, Inc. is a
biotechnology company committed to the development of therapies for
rare bone diseases using the combined application of computational
technology and a deep understanding of disease pathology. The
company focuses on heterogeneous genetic disorders that primarily
manifest in bone dysfunction. Understanding of novel biology will
allow PreciThera's targeted strategies to meaningfully impact both
the skeletal symptoms as well as the extraskeletal issues found in
these patients.
For further information, please visit www.precithera.com
For more information, please contact:
PreciThera, Inc.
Pierre
Beauparlant, CEO
pbeauparlant@precithera.com
Tel: (514) 700-0764 x 230
Media Relations:
Russo Partners
Alex
Fudukidis
alex.fudukidis@russopartnersllc.com
Tel: (646) 942-5632
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SOURCE PreciThera, Inc.