RaNA Therapeutics, a Boston, MA-based developer of a new class of medicines that target RNA to selectively activate protein expression within the body’s own cells, completed a $55m Series B financing.
The round was co-led by MRL Ventures, and The Baupost Group, LLC with participation from new investors Rock Springs Capital Management, Brookside Capital, Leerink Partners LLC and an undisclosed blue chip public investment fund as well as existing investors Atlas Venture, Monsanto, MS Ventures, Omega Funds, Partners Innovation Fund, Pfizer Venture Investments and SR One. In conjunction with the financing, Joshua Resnick, M.D., president of MRL Ventures, will join the RaNA board of directors.
The company intends to use the proceeds to bolster its proprietary platforms focused on epigenetic gene upregulation and messenger RNA (mRNA) stabilization, including investments in chemistry and oligonucleotide synthesis capabilities. In addition, the financing will support preclinical efforts towards lead optimization and IND-enabling studies for its priority programs that focus on the treatment of spinal muscular atrophy and Friedreich’s ataxia. RaNA anticipates having up to two novel therapies in the clinic in 2017.
Led by Ronald Renaud, chief executive officer, RaNA is developing a new class of medicines that target RNA to selectively activate protein expression within the body’s own cells. The company’s drugs work by targeting specific genes to upregulate the expression of beneficial proteins. It is applying its proprietary technology to advance a pipeline of novel drugs for diverse therapeutic areas, with an initial emphasis in the fields of rare genetic disorders, inflammation, oncology, metabolic diseases and neurodegenerative diseases.
Leerink Partners LLC served as a strategic advisor on the financing.