Glycomine, Inc., a San Carlos, CA-based biotechnology company focused on developing new therapies for rare diseases, raised $33m in Series B financing.
The round was led by Novo Holdings A/S with participation from new investors Asahi Kasei Pharma Corporation and Mission Bay Capital as well as existing investors Sanderling and Chiesi Ventures.
The company intends to use the funds to advance its substrate replacement therapy for PMM2-CDG (CDG-1a), the most prevalent form in the spectrum of congenital diseases of glycosylation (CDG), into early stage clinical studies.
In connection with the financing, Peter McWilliams, Ph.D., currently its acting CEO and a director, will join the company as its full time CEO.
Also, Kenneth Harrison, Ph.D., of Novo Ventures, will be joining the Board alongside Chris Starr, Ph.D., the co-founder of BioMarin and Raptor Pharmaceuticals.
Glycomine is developing orphan drugs for serious rare monogenic disorders of metabolism and protein misfolding for which no other therapeutic options exist. The company’s approach is to combine replacement therapies – substrates, enzymes, or proteins – with delivery vehicles consisting of bio-nanomaterials or ligands that target the molecules to the cell interior of clinically relevant organs.