Frequency Therapeutics Completes USD 62m Series C Financing.
M2 PHARMA-July 25, 2019-Frequency Therapeutics Completes USD 62m Series C Financing
(C)2019 M2 COMMUNICATIONS
- US-based clinical-stage biotechnology company Frequency Therapeutics has closed a USD 62m Series C financing, the company said.
Frequency will use the proceeds to support the clinical development of FX-322, a regenerative therapeutic for the treatment of sensorineural hearing loss that is moving into a Phase 2a study, and to advance discovery programmes in other therapeutic areas using its proprietary Progenitor Cell Activation platform.
The financing was led by Perceptive Advisors and a syndicate that includes new investors Deerfield Management, RTW Investments and Mizuho Securities Principal Investment, as well as existing investors Polaris Founders Capital, Taiwania Capital Management, Axil Capital, and CoBro Ventures. With the closing of the Series C, Frequency will have raised a total of USD 147m in equity financings.
Frequency also recently announced a collaboration agreement with Astellas Pharma Inc. for the global development and ex-US commercialisation of FX-322, which included an USD 80m upfront payment and USD 545m in potential milestone payments.
Frequency is pioneering a new class of small-molecule therapeutics designed to activate progenitor cells already present within the body to create healthy functional tissues and organs.
This approach may bypass the challenges presented by stem cell therapies by temporarily reactivating progenitor cells already located at the tissue target site and pre-programmed to make specific cell types.
Potential applications of its PCA platform include, but are not limited to, diseases of the muscle, gastrointestinal tract, skin, and bone.
Frequency Therapeutics is a clinical-stage biotechnology company focused on harnessing the body's innate biology to repair or reverse damage caused by a broad range of degenerative diseases.
Its approach, called Progenitor Cell Activation uses combinations of small molecule drugs to activate progenitor cells within the body to create functional tissue.
Through the transitory activation of these cells, Frequency aims to develop therapies that can enable disease modification without the complexity of genetic engineering. Frequency's lead program, FX-322, is a potential first-in-class therapeutic candidate targeting hearing restoration.
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|Date:||Jul 25, 2019|
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