LA JOLLA, Calif., Oct. 7, 2014 /PRNewswire/ -- Avidity NanoMedicines today announced that it has expanded its investor syndicate through the closing of a $6 million convertible note financing co-led by Fidelity Biosciences and TPG Biotech. Other investors in the financing include Brace Pharmaceuticals, Partner Fund Management, L.P. and existing investor Alethea Capital Management. Ben Auspitz from Fidelity Biosciences and Eran Nadav, Ph.D. from TPG Biotech will join Avidity’s board as observers. Proceeds from the financing will be used to advance new cancer therapies that utilize the company’s proprietary antibody-siRNA complex (ARC) platform.
Avidity is based on pioneering nanoparticle technology developed by Mark Davis, Schlinger Professor of Chemical Engineering at Caltech. Avidity NanoMedicines was founded to advance a new class of therapeutics, antibody-siRNA complexes (ARCsTM), which employ antibody-targeted nanoparticles containing siRNA payloads. The technology draws on the precise targeting associated with antibody-drug conjugates and the exquisite selectivity of nucleic acid-based medicines.
“Avidity NanoMedicines has recruited an exceptional team and is working on a fundamentally important problem namely, the targeted delivery of nucleic acids to tumor cells and tissues outside the liver,” said Ben Auspitz, Partner at Fidelity Biosciences. “We have been impressed with the strategy and the science, and we are enthusiastic supporters of the continued evolution of Avidity.”
“Over the past several years, we have witnessed a resurgence in RNA interference and other nucleic acid-based therapeutic approaches,” added Eran Nadav, Ph.D., Partner and Managing Director at TPG Biotech. “We are now at an inflection point where advances in material and polymer science could enable a transformative shift in cancer treatment.”
“The promise and potential of targeted delivery has been a long-standing goal in the field of nucleic acid-based medicines,” said Troy Wilson, Ph.D., J.D., President, Chief Executive Officer and co-founder of Avidity NanoMedicines. “We are taking Mark Davis’ pioneering efforts in nanoparticle-based therapeutics, and building on them to advance breakthrough therapies in oncology. We are delighted to welcome these new investors to Avidity as our partners to realize this vision.”
About Avidity NanoMedicines
Avidity NanoMedicines is pioneering a new class of therapeutics, antibody-siRNA complexes (ARCs), which employ antibody-targeted nanoparticles containing siRNA payloads. The technology draws on the targeting associated with antibody-drug conjugates and the selectivity of nucleic acid-based medicines. Through partnerships with academic and industry experts, Avidity is applying its technology to the discovery and development of novel, targeted drugs. Founded in 2013, the company entered into a research and development collaboration with a major pharmaceutical company in December 2013 and completed a $9 million Series A financing in January 2014. Avidity NanoMedicines is a privately held company located in La Jolla, California. For more information, please visit the Company’s website at www.aviditynano.com.
About Fidelity Biosciences
Fidelity Biosciences (www.fidelitybiosciences.com) invests venture capital in biopharmaceutical, medical technology, healthcare information technology and healthcare service companies. The firm is a subsidiary of FMR LLC, the parent company of Fidelity Investments, one of the world’s leading providers of financial services. For more than 40 years, Fidelity has been a significant presence in the venture capital and private equity industry.
About TPG Biotech
TPG Biotech is the life science venture investment arm of TPG, a global private investment firm. TPG Biotech is a team of investors excited by the challenge of translating discoveries and insights in the biomedical sciences into tangible products. Since 2002, TPG Biotech has invested in over fifty compelling life science businesses across sectors, geographies, company stages, asset classes, and therapeutic areas. For more information visit www.tpgbiotech.com.
About Brace Pharma
Brace Pharma is the U.S. investment arm of EMS SA, Brazil’s largest pharmaceutical company. Brace focuses on investing in companies developing innovative therapies for life threatening diseases with insufficient treatment options. For additional information please visit www.bracepharma.com.
About Alethea
Alethea Capital Management is an SEC-registered investment advisor founded in March of 2011. As an investment management and research firm, the mission of Alethea is simple to provide the highest level of service and guidance to our clients with honesty, integrity, and transparency. The firm’s services include fee-based asset management, research/advanced quantitative systematization, manager/strategy evaluation, and comprehensive planning. Alethea’s center of operations is in San Diego, CA.
Contact: Kent Hawryluk, Chief Business Officer, 858-401-7900, info@aviditynano.com
SOURCE Avidity NanoMedicines LLC
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