Life Biosciences today announced the completion of a Series C financing of $82 million led by Alpha Wave Ventures. Senior management and founders invested in the Series C financing alongside longevity-oriented funds, seasoned investors, and experienced biotechnology scientists/entrepreneurs.
Announces Bill Sullivan as Chief Financial Officer |
| [05-January-2022] |
| BOSTON, Jan. 5, 2022 /PRNewswire/ -- Life Biosciences, a pioneering life sciences company developing therapeutics that target the biology of aging, today announced the completion of a Series C financing of $82 million led by Alpha Wave Ventures. Senior management and founders invested in the Series C financing alongside longevity-oriented funds, seasoned investors, and experienced biotechnology scientists/entrepreneurs. Since its founding, Life Biosciences has raised over $158 million.
“Our three platforms are based on seminal research demonstrating that aging biology can be modified therapeutically. The Series C funding enables us to accelerate development of our innovative therapies for multiple aging-related conditions, and we expect to initiate first-in-human studies for our first drug candidate possibly as early as the end of 2022,” said Chief Executive Officer Jerry McLaughlin. “We appreciate the support of both our new and existing investors as we advance the company to its next stage of development. Life Biosciences’ experienced management team is committed to bringing potentially pioneering science to the service of humanity.” Proceeds from the Series C financing will be used to accelerate research and development activities in the company’s three platforms that target fundamental biological mechanisms contributing to aging. The mitochondrial uncoupling platform is developing oral small molecules that are designed to increase metabolic rate and decrease fat accumulation in models of obesity and NASH. The chaperone-mediated autophagy (CMA) platform is developing oral small molecules that are designed to activate CMA and thereby remove unwanted proteins that accumulate during aging and contribute to multiple aging-related diseases including neurodegenerative diseases. The epigenetic reprogramming platform is developing therapies that are designed to induce the expression of three Yamanaka factors to reprogram the epigenome of cells to a younger state and thereby restore cellular function across a wide range of diseases such as glaucoma. Commenting on the investment, Alpha Wave Global Chairman Rick Gerson added, “We are impressed by the groundbreaking science that has been published in leading and recently peer-reviewed journals like Nature and Cell by the company’s co-founder and director David Sinclair and other founder scientists such as Dr. Ana Maria Cuervo. Their foundational science could revolutionize how we develop therapies for aging-related conditions. We are excited to invest in this emerging field and believe that Life Biosciences’ experienced management team and exceptional science has the potential to unlock a new wave of therapies across their multiple platforms.” In addition, Life Biosciences announces the appointment of Bill Sullivan as Chief Financial Officer. Bill brings more than 25 years of experience in corporate finance, strategic transactions, fundraising, and investor relations. He served as Chief Financial Officer and Treasurer at Applied Genetic Technologies Corporation, a publicly traded gene therapy company, where he led multiple financings and core business and finance functions. Prior to AGTC, he worked at Merrimack Pharmaceuticals, Inc. for ten years and held a variety of important leadership positions including Chief Financial Officer. “It’s an honor to join the Life Biosciences team as the company pursues tremendous growth opportunities where aging biology has a clear link to disease pathogenesis,” said Mr. Sullivan. “I’m energized by both the people and strong science at the company and look forward to working together with the management team to drive the next phase of growth.” “I couldn’t be more delighted by the progress made by the Life Biosciences’ team under Jerry’s leadership to sharpen its focus on developing therapeutics on a platform-oriented approach. In my opinion, Life Biosciences is on the cusp of revolutionizing medicine for aging-related diseases globally,” said Executive Chairman Dr. Mehmood Khan. About Life Biosciences About Alpha Wave Global Media Contact
SOURCE Life Biosciences |
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