March 30, 2017
By Mark Terry, BioSpace.com Breaking News Staff
CAMBRIDGE, Mass. – Solid Biosciences announced that it had completed the initial closing of a $50 million Series C financing.
The round was led by RA Capital Management and Bain Capital Life Sciences, along with investments from RTW Investments, Foresite Capital, Cormorant Asset Management, entities affiliated with Leerink Partners, and an unidentified health care fund. Also participating were existing investors Perceptive Advisors, Janus Capital Management and Biogen .
Solid plans to focus on advancing its gene therapy product, SGT-001, for Duchenne muscular dystrophy (DMD). It hopes to move it into the clinic in the second half of this year.
“Solid has put together one of the most compelling scientific portfolios in DMD, starting with its innovative gene therapy program,” said Rajeev Shah, portfolio manager and managing director of RA Capital Management, in a statement. “We are excited to support a company that has the right business model and people in place to successfully bring forward life-changing therapies for patients with this devastating disease.”
As part of the deal, Solid Biosciences merged with Solid GT, the company’s gene therapy development subsidiary. The two companies’ boards of directors will consolidate. Shah and Adam Koppel, managing director of Bain Capital Life Sciences, will also join the board.
Last year was an enormously big year for DMD, as Sarepta Therapeutics had a lengthy and controversial approval process for its DMD drug eteplirsen (Exondys 51). The drug was approved in September 2016.
DMD is a muscle wasting disease caused by mutations in the dystrophin gene. It is a progressive disease that usually causes death in early adulthood, with serious complications that include heart or respiratory-related problems. It mostly affects boys, about 1 in every 3,500 or 5,000 male children.
Solid Biosciences’ founder is Ilan Ganot, a former JP Morgan investment banker. He is also the father of a child with DMD.
This is the first investment closed by Bain Capital Life Sciences. This fund was formed recently and led by former Biogen executive Adam Koppel.
Solid’s approach is to try and insert a “normal” version of the dystrophin gene into patients using gene therapy. DMD is caused by mutations in the dystrophin gene, which produces dystrophin, a protein needed for muscle maintenance. It’s a similar approach to Sarepta’s drug, although the amount of dystrophin produced by Exondys 51 is fairly small, which is part of the controversy concerning the drug’s efficacy.
“The financing comes at an important time for Solid as we continue to grow our company and the infrastructure needed to advance our programs for DMD,” Ganot said in a statement. “The proceeds will enable us to move SGT-001 through clinical development and maintain momentum in our efforts to identify and develop a new generation of meaningful DMD therapies. I am also delighted to welcome Raj and Adam to Solid’s Board of Directors and look forward to working with their teams.”
