Basking Biosciences, a Columbus, OH-based clinical-stage biopharmaceutical company developing a novel acute thrombolytic therapy to treat stroke, raised $55M in funding.
The round was led by ARCH Venture Partners with participation from new investors Insight Partners, Platanus, Solas BioVentures and RTW Investments, as well as existing investors Longview Ventures, Rev1 Ventures and The Ohio State University.
The company intends to use the funds to accelerate clinical development of BB-031, a first-in-class, reversible RNA aptamer targeting von Willebrand Factor (vWF), engineered for rapid onset and short duration of effect.
Led by CEO Richard Shea, Basking Biosciences is a a clinical-stage biopharmaceutical company that is founded to solve needs in acute thrombosis – for a rapid-onset, short-acting thrombolytic drug capable of reopening blocked arteries, and whose activity can be quickly reversed in the event of a bleeding complication. Leveraging RNA aptamer technology, its lead drug candidate, BB-031, targets von Willebrand Factor (vWF), an important structural component of blood clots and driver of the clotting process, and is designed to be safer, more effective, and able to expand the population receiving acute revascularization therapy.
In 2023, Basking announced positive Phase 1 results demonstrating the safety and tolerability of BB-031 with no serious adverse events reported, and dose-dependent inhibition of vWF. The company will initiate a Phase 2 proof-of-concept trial, the RAISE trial, in patients with acute ischemic stroke (AIS) in 2024.
Commenting on the news, Richard Shea said: “With the support and funding from our outstanding syndicate of life science investors, alongside the deep expertise of our Scientific and Clinical Advisory Board, we are eager to advance our innovative pipeline and improve patient outcomes.”
FinSMEs
01/02/2024