Arrakis Therapeutics, a Waltham, Mass.-based biopharmaceutical company, completed a $38m Series A financing.
The round was led by Canaan Partners with participation from Advent Life Sciences, Pfizer Inc., Celgene Corporation, Osage University Partners, and Henri Termeer. In conjunction with the funding, Colleen Cuffaro, Ph.D., principal at Canaan, is joining the Arrakis board.
The company intends to use the funds to advance its proprietary discovery platforms.
Founded in 2015 by Russell Petter, Ph.D., Alan Walts, Ph.D., Henri Termeer and Raj Parekh, Ph.D., and led by newly named Chairman and Chief Executive Officer Michael Gilman, Ph.D., Arrakis Therapeutics is developing proprietary discovery platforms comprised of a high-throughput, comprehensive system of bioinformatics tools, assays and chemical libraries that can identify new ribonucleic acid (RNA) targets and create new small-molecule drugs.
Using its TRYST™ and PEARL-seq™ platforms, the company is developing an internal product pipeline of RNA-targeted small molecules focused on neurology, oncology, and rare genetic disorders.