Fate Therapeutics, Inc., a La Jolla, CA-based developer of a Stem Cell Modulator, FT1050, to enhance hematopoietic stem cell (HSC) proliferation and homing, has completed a $30m Series B financing.
The round was led by OVP Venture Partners with participation from OVP Venture Partners Astellas Venture Management, Genzyme Ventures and a third undisclosed corporate investor. The three co-leaders of the Company’s Series A financing, ARCH Venture Partners, Polaris Venture Partners and Venrock, also participated in the latest round of financing.
In conjunction with the funding, Carl Weissman, managing director at OVP Venture Partners, joined the Company’s board of directors.
Fate Therapeutics is currently interrogating adult stem cell biology and applying induced pluripotent stem cell (iPSC) technology to develop Stem Cell Modulators (SCMs), small molecule or biologic compounds that guide cell fate for therapeutic purposes. Fate’s approach has broad therapeutic potential in areas such as regenerative medicine, hematological diseases, metastatic cancer, traumatic injury and degenerative diseases. The Company is conducting a Phase 1b clinical trial of FT1050, a small molecule SCM designed to increase hematopoietic stem cell number and function in dual umbilical cord blood transplant recipients with hematologic malignancies. In addition, Fate Therapeutics and Stemgent have formed an alliance – CATALYST – a collaborative program to provide its members with first access to the most advanced iPSC technologies for drug discovery and development.
Commenting on the funding, Scott Wolchko, chief financial officer of Fate Therapeutics, said: “With this Series B financing, we have raised the necessary funds to build on the pioneering research and foundational intellectual property of our scientific founders for human cell reprogramming and to enable the commercialization of our pharmaceutical grade iPSC technology”.