Groove Biopharma Snags $6 Million to Push the Frontiers With MicroRNA Drugs

Seattle-based Groove Biopharma has nailed down another $6 million in venture capital to continue its quest to create a class of drugs that work unlike anything else on the market today. Groove, the microRNA drug developer founded at the Seattle-based Accelerator in 2008, has secured its Series B financing from the same investors who put $3.9 million into the company in April 2010. The group includes Alexandria Venture Investments, Arch Venture Partners, OVP Venture Partners, Versant Ventures, and WRF Capital. The money is expected to run through the end of 2012, as Groove looks to select its lead drug candidates that it believes can make it through the final preclinical studies needed before the FDA will allow clinical trials to begin.