Frequency Therapeutics, a Woburn, MA-based company developing a pipeline of new drugs that activate progenitor cells within the body, closed a $32m Series A financing.
The round was led by CoBro Ventures with participation from 2Morningside Ventures, Emigrant Capital Corp., Korean Investment Partnership, Alexandria Real Estate Equities and other U.S. and international investors.
The company intends to use the funds to support expanded work to realize the disease modifying potential of Progenitor Cell Activation (PCA™) beyond hearing loss.
Founded in 2015 and led by David Lucchino, President and CEO, Frequency advances the work in Progenitor Cell Activation (PCA™) by Robert Langer, Sc.D., and Jeffrey Karp, Ph.D., at the Massachusetts Institute of Technology (MIT) and Harvard Medical School. Using its proprietary PCA platform, the company’s lead product candidate stimulates the regrowth of sensory hair cells in the inner ear to treat chronic noise induced hearing loss.
Frequency has a worldwide exclusive license to related intellectual property from MIT and Partners Healthcare, and intends to pursue the potential application of PCA for a wide range of therapeutic indications including hearing loss, skin disorders, muscle regeneration and gastrointestinal diseases.