Groove Biopharma Raises $6M in Series B Financing
Groove Biopharma, a Seattle, WA-based biotechnology company focused on the generation of novel microRNA (miRNA) based therapeutics, has raised $6m in Series B financing.
Backers include Alexandria Venture Investments, ARCH Venture Partners, OVP Venture Partners, Versant Ventures, and WRF Capital.
The company intends to use the funding to further develop its proprietary MGB-based miRNA delivery platform in multiple indications.
Founded by Accelerator Corporation in conjunction with Elitech Corporation (formerly known as Nanogen) in 2008, Groove Biopharma (formerly known as Mirina Corporation) develops therapeutics using Minor Groove Binder Technology (MGB) to affect cellular processes involving microRNAs. Groove holds an exclusive license to the technology from Elitech for use in therapeutics. It presents promising potential for treating a wide range of diseases including cancers, infectious disease and metabolic disorders.
The company has promoted David L. McElligott, Ph.D. to Chief Scientific Officer.