Mass. Startup AVROBIO Rakes in $25 Million Series A to Push Two Gene Therapy Clinical Trials
August 2, 2016
By Mark Terry, BioSpace.com Breaking News Staff
Cambridge, Massachusetts-based AvroBio, which launched in February 2016, announced today that is has raised $25 million in a Series A financing round.
The company was founded on two novel cell and gene therapies that came out of the laboratories of Christopher Paige and Jeffrey Medin at the University Health Network (UHN) in Toronto, Ontario. Medin has moved to the Medical College of Wisconsin. Paige remains at UHN.
The company was launched by Cambridge-based Atlas Venture. “AvroBio’s highly innovative therapies offer potentially life-altering impact for patients following a single infusion of genetically-modified cells,” said Geoff MacKay, AvroBio’s president and chief executive officer, in a statement in February. “We are very proud to carry forward the groundbreaking work of our founding scientists with investment from Atlas Venture and partnership with the Center of Commercialization of Regenerative Medicine (CCRM).”
CCRM is a Canadian nonprofit organization funded by the Government of Canada’s Networks of Centres of Excellence program, the Province of Ontario, and several academic and industry partners.
Today’s announcement indicated the Series A round was co-led by Atlas Venture, Clarus and SV Life Sciences. The company plans to use the $25 million raised to push development of its clinical stage programs in Fabri disease and acute myeloid leukemia (AML), as well as to expand its pipeline in rare diseases, and solid and liquid cancers.
“AvroBio’s highly innovative therapies offer potentially life-altering impact for patients following a single infusion of genetically-modified cells,” said MacKay in a statement. “We are grateful for the funding and support we have received from our investors, as we continue to focus on displacing the standard of care for patients with Fabry disease or AML through the development of these disruptive gene therapies.”
In the company’s Phase I gene therapy for Fabry disease, stem cells from the patient are collected, then genetically engineered by adding a new, fully functioning copy of the bad gene that causes the disease. The engineered cells are infused back into the patient in a one-time procedure.
AvroBio’s Phase I for AML is somewhat similar. After chemotherapy, some of the patient’s leftover cancer cells are collected, genetically engineered to express IL-12, an immune system activator. The modified cells are infused back into the patient in a one-time procedure with hopes of stimulating an anti-cancer immune response.
AvroBio also announced that Bruce Booth, a partner at Atlas Venture, will become the chairman of the company’s board of directors. Also, Scott Requadt, managing director of Clarus, and Joshua Resnick, a partner at SV Life Sciences will join the company’s board.
“Scott and Josh bring a wealth of experience in the growth and development of early-stage biotech companies,” said Booth in a statement. “Their expertise, together with AvroBio’s deeply experienced and highly talented management team, creates a dynamic leadership team capable of accelerating the development of these truly important therapies for patients in immense need.”
Although headquartered in Massachusetts, in May the company was awarded laboratory space at Johnson & Johnson ’s (JNJ) JLABS facility in Toronto, Ontario. JLABS incubator space was started by J&J Innovation in cooperation with the Ontario Government, University of Toronto and MaRS Discovery District (MaRS). J&J has similar centers in Boston, San Diego, San Francisco, and Houston. JLABS, the company indicates, “provides early-stage companies with access to core research facilities hosting specialized capital equipment.”