January 21, 2015
By Mark Terry, BioSpace.com Breaking News Staff
Washington, D.C.-based REGENXBIO Inc., announced today that it had completed a $30 million Series C financing. The round was led by Enrick and Brookside Capital. Also participating were Deerfield Management and an unnamed new investor.
Also participating were existing investors, FoxKiser and Fidelity Biosciences. Two individuals will be joining REGENXBIO’s board of directors, Camille Samuels, a partner at Venrock, and Michael Gelman.
“This Series C financing further validates our NAV Technology platform and facilitates our ability to bring life-changing gene therapies to patients suffering from serious diseases for which better treatment options are needed,” said REGENXBIO President and CEO Ken Mills in a statement. “The proceeds will enable us to initiate clinical proof of concept data for our lead programs, which we plan to advance rapidly to registration, and allow us to remain opportunistic in regards to in-licensing new programs. In addition, the funds will be used to strengthen our clinical and manufacturing capabilities and team, making us well-positioned to develop and commercialize our pipeline of AAV gene therapy treatments.”
Founded in 2009, REGENXBIO has the goal of driving the broad development of AAV gene therapy. The company acquired exclusive proprietary rights to NAV Technology, which is inclusive of recombinant AAV vectors, including AAV7, AAV8, AAV9 and AAVrh10. This was researched developed by the company’s scientific founder, James Wilson , and his team at the Gene Therapy Program of the University of Pennsylvania. In November 2014, Wilson joined the company as chief scientific advisor.
In 2014 REGENXBIO developed a pipeline of treatments for lysosomal storage disorders and ocular diseases. It has licensed its NAV Technology to eight gene therapy companies for possible treatment for more than 12 different diseases. Those companies include Baxter Healthcare, Fondazione Telethon, Audentes Therapeutics, Lysogene, Esteve, AveXis, AAVLife and Voyater Therapeutics.
The NAV Technology is used to develop treatments for diseases such as Hurler Syndrome, Hunter Syndrome, Wet Age-Related Macular Degeneration, X-Linked Retinitis Pigmentosa, and various Lysosomal Storage Disorders and ocular diseases.
Adeno-associated virus (AAV) vectors are considered some of the most promising approaches to gene therapy. In this technology, adeno-associated viruses vectors are used to directly deliver functional genes to the target cells. NAV Technology utilizes natural isolates of AAV that are mostly non-immunogenic, allowing for gene therapy applications with fewer immune responses from subjects.
“With its technological lead, IP, and strong leadership, REGENXBIO is uniquely positioned to lead the next generation of gene therapy companies,” said Camille Samuels in a statement. “I’m delighted to be joining the REGENXBIO board and to be given the opportunity to work with a great company to help patients.”
BioSpace Temperature Poll
What Are Your Predictions for the Price Bidding War? The market has been buzzing about an escalating price war between large payers like Express Scripts and Big Pharma. Multiple deals last week showed Gilead forming exclusive pacts and smaller companies like Kite Pharma starting talks early. What do you think will be the effect on prices? BioSpace wants your opinion!
