GeneQuine Biotherapeutics GmbH, a Hamburg, Germany-based biotech company focused on the development of gene therapy for musculoskeletal disorders, raised €5.4m in Series A financing and €3.65m non-dilutive funding bringing the total amount raised to €9.05m.
The round was led by Pacira BioSciences, Inc. (Nasdaq: PCRX), with participation from High-Tech Gründerfonds, Noshaq SA, and Samum Vermögensverwaltungs GmbH. The non-dilutive funding consists of a convertible loan provided by Pacira BioSciences, Inc. and Samum Vermögensverwaltungs GmbH of in total €2.75m and a grant by the investment bank of the state of Brandenburg (Germany) of €0.9m.
The company intends to use the funds to advance its lead candidate GQ-303 for osteoarthritis (OA) to a phase 1 clinical trial, to develop new gene therapies for the treatment of intervertebral disc degeneration, to expand its gene therapy vector platform and to grow operations.
Led by Kilian Guse, CEO, GeneQuine Biotherapeutics is a biotech company focused on the development of innovative gene therapies for treatment of musculoskeletal disorders. GeneQuine’s aim is to use its gene therapy platform to established sustained production of therapeutic proteins locally in the tissues or organs where they are needed. The lead candidate GQ-303 is being developed as a locally administered treatment for osteoarthritis and has demonstrated the potential to be a symptomatic and disease-modifying treatment in several animal models. In 2017, Flexion Therapeutics, Inc. acquired GeneQuine’s then-lead program for osteoarthritis, which is based on the same gene therapy vector technology as GQ-303 and is currently in clinical Phase 1 testing. GeneQuine has sites at Luckenwalde (greater Berlin area), Germany and Liège, Belgium.