Proclara Biosciences, a Cambridge, MA-based biotechnology company developing novel therapies for diseases caused by protein misfolding, secured $47m in Series E financing.
The round was led by existing investors including private investors and Merieux Developpement. As part of the Series E financing, Daniel Lynch, an experienced biotechnology executive and a venture partner at Third Rock Ventures, was appointed executive chairman of Proclara’s board of directors. Nick Leschly, chief executive officer of bluebird bio, was also appointed to the company’s board.
The company, which has raised more than $110m to date, intends to use the funds for the further clinical development of NPT088 for the treatment of Alzheimer’s disease, as well as for the preclinical advancement of additional molecules toward the clinic.
Led by Franz Hefti, Ph.D., president and chief executive officer, Proclara Biosciences is advancing product candidates developed based on proprietary GAIM technology, which is capable of simultaneously targeting multiple toxic misfolded proteins fo such diseases as neurodegenerative diseases and several rare systemic amyloidoses.