StrideBio Announces Closing of $81.5M Series B Financing - BiopharmaDirect

StrideBio Announces Closing of $81.5M Series B Financing

March 16, 2021

StrideBio, Inc., a leading developer of novel engineered adeno-associated virus (AAV) based gene therapies, today announced the closing of an oversubscribed Series B funding round, which raised $81.5 million. The financing was co-led by Northpond Ventures and Novo Holdings A/S and included new investors Pontifax, Octagon Capital, Sarepta Therapeutics, CaaS Capital and UF Innovate Ventures, along with existing investors Hatteras Venture Partners, UCB Ventures, Takeda Ventures and Alexandria Venture Investments. In conjunction with the financing, Shaan C. Gandhi, M.D., D.Phil., Director at Northpond Ventures, and Karen Hong, Ph.D., Partner at Novo Ventures, an affiliate of Novo Holdings A/S, have joined the company's Board of Directors.

"We are very pleased to receive such tremendous support from these top-tier healthcare investors and appreciate the confidence they have placed in our entire team," said Sapan Shah, Ph.D., Chief Executive Officer of StrideBio. "With this additional funding secured, we will be able to translate next generation gene therapies enabled by our lead engineered capsids into the clinic to benefit patients. We are also delighted to welcome Shaan and Karen to our Board of Directors and look forward to drawing on their expertise as we enter this exciting phase of our development."

"AAV vectors are proven to be one of the most effective strategies for delivering gene therapies for a variety of human diseases, but there is room for improvement," said Shaan C. Gandhi, M.D., D.Phil., Director at Northpond Ventures. "StrideBio's unique approach demonstrates the potential to yield differentiated and best-in-class AAV vectors. The leadership team is highly experienced and we are very impressed with what they have accomplished in advancing their gene therapy programs to date. Northpond is proud to join StrideBio's circle of investors and co-lead this most recent financing round."

Financing proceeds will be used to advance the company's robust pipeline to the clinic, including four new wholly-owned programs targeting monogenic central nervous system (CNS) and cardiovascular disorders. These programs will leverage StrideBio's lead proprietary AAV capsids with features including reduced seroprevalence, neuronal and cardiovascular tropism, liver de-targeting and enhanced gene transfer efficiency compared to first-generation AAV serotypes. StrideBio will also continue to build on its STRIVE^TM platform with the goal to improve safety and reduce doses required for effective gene therapies.

Since StrideBio's Series A financing in 2018 the company has made significant progress, including executing partnerships with CRISPR Therapeutics, Takeda Pharmaceuticals and Sarepta Therapeutics, generating a robust panel of AAV vectors characterized in multiple, preclinical animal models, as well as successfully establishing and scaling an in-house manufacturing process to 1000L at its facility in RTP. Funds raised as part of the Series B will be used to support continued operational growth and manufacturing capacity expansion, building on the company's current infrastructure which includes a 6,000 sq ft GMP clean suite.

"We are so excited to support StrideBio as they seek to leverage their innovative AAV capsids to advance their internal and partnered pipeline, bringing multiple programs into the clinic," said Karen Hong, Ph.D., Partner at Novo Ventures, an affiliate of Novo Holdings A/S. "Novel gene therapies enabled by StrideBio's unique lead vectors have the potential to benefit patients with no other treatment options."

StrideBio, Inc is a gene therapy company focused on creating and developing novel adeno-associated viral (AAV) therapies for rare diseases and beyond. We leverage our proprietary structure-inspired adeno-associated virus AAV vector engineering platform (STRIVE^TM) to create unique and differentiated vectors that improve upon naturally occurring AAV serotypes to overcome current limitations of first-generation gene therapies. Combined with our genetic construct design expertise and in-house manufacturing capabilities, StrideBio is positioned to generate best-in-class genetic medicines that allow more patients to benefit with maximum efficiency, leading to improved treatment outcomes. StrideBio is based in a state-of-the-art 24,000-square-foot facility in Research Triangle Park, N.C., which houses our offices, research labs and in-house AAV manufacturing facilities.

Source: stridebio.com