Genetix Pharmaceuticals raises $35 Million in Series B financing

Courtesy by: siliconindia.com

Bangalore: The Cambridge-based developer of gene therapies, Genetix Pharmaceuticals, has raised a $35 million Series B financing with new investors Third Rock Ventures and Genzyme Ventures, along with the participation of TVM Capital, Forbion and Easton Capital.

According to the company, proceeds from the financing will be used to advance current clinical programs, strengthen platform capabilities and further expand the team. “The Genetix platform represents the convergence of the powerful therapeutic modality of gene therapy with a class of severe genetic disorders lacking safe or widely available treatment options,” said Nick Leschly, Interim President of Genetix and Partner of Third Rock Ventures. Anup Arora is the Interim Chief Business Officer at Genetix Pharmaceuticals.

Genetix’s proprietary lentiviral technology delivers corrective genes to the patient’s own bone marrow cells, providing a one-time effective therapy, a true paradigm shift in the treatment of genetic diseases. Genetix has programs in clinical development in Adrenoleukodystrophy (ALD), a severe neurodegenerative disorder, and beta-Thalassemia, one of the most prevalent human genetic disorders. Both of these programs have shown strong early results to date and stabilization of their respective diseases.

“Genetix is making important progress in its gene therapy clinical development programs,” said Alan Walts, Managing Director of Genzyme Ventures. “We look forward to joining the company’s Board, supporting its growth, and bringing to bear our experience in rare genetic diseases.”

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