FoldRx Pharmaceuticals, Inc., a Cambridge, MA-based drug development company focusing on disease-modifying, small molecule therapeutics to treat diseases of protein misfolding and aggregation (amyloidosis), has closed a $29m financing round.New investors Novo Ventures and Morgenthaler Ventures and existing shareholders Healthcare Ventures, Fidelity Biosciences, TPG Biotechnology, Alta Partners, and Novartis Venture Funds all participated in the round.
Following the successful completion of a pivotal trial of tafamidis as a disease modifying therapy for TTR amyloid polyneuropathy (ATTR-PN), a progressive and life-threatening genetic neurodegenerative disease that affects thousands of patients worldwide, the company will use the funds to continue advancing the development of tafamidis and bring them to market.
FoldRx’s pipeline also includes a program in advanced clinical development to treat cardiovascular disorders, TTR Amyloid Cardiomyopathy (ATTR-CM), and a discovery program in Parkinson’s disease and cystic fibrosis, based on its broad, proprietary, yeast-based drug discovery platform.
In conjunction with the close of the round of funding, Ralph E. (Chris) Christoffersen, Ph.D from Morgenthaler Ventures and Heath Lukatch, Ph.D from Novo Ventures, will join the board of directors of the company.
FinSMEs
15/06/2010