Monday September 23, 2019 0 comments
BOULDER -- Edgewise Therapeutics, a pre-clinical company developing small molecule therapies for musculoskeletal diseases, announced closing of a $50 million Series B financing round.
The round was co-led by Novo Holdings A/S and U.S. Venture Partners (USVP) and included participation from Deerfield Management, New Leaf Venture Partners, and Cure Duchenne Ventures, as well as existing founding investor OrbiMed Advisors.
The financing will support the advancement of Edgewise Therapeutic’s lead product candidate into clinical development for Duchenne and Becker Muscular Dystrophy (DMD and BMD) as well as expansion of the company’s pipeline.
Joining the board of directors will be Kenneth Harrison, principal at Novo Ventures and Jonathan Root, general partner at USVP; Robert Jackson, partner and CSO at Deerfield will join as a board observer.
“Edgewise combines drug development experience with innovative clinical insights and a cutting-edge muscle physiology platform to identify novel targets providing superior clinical benefit and disease modifying efficacy,” said Root.
“We believe the Edgewise approach will arrest muscle damage, the initiating hallmark of disease in muscular dystrophy patients, thus limiting the subsequent inflammatory and fibrotic response while preserving muscle integrity and physical function,” said Harrison.
“We are excited to have the support of a group of leading life science investors in our Series B financing as we continue to execute against our vision of building a company that will transform the lives of patients living with severe musculoskeletal diseases,” said Kevin Koch, Edgewise president and CEO.
“CureDuchenne, an organization committed to accelerating research which addresses all potential disease targets in Duchenne Muscular Dystrophy (DMD), is pleased to see another potential therapeutic approach for DMD move into development,” said Debra Miller, CEO of CureDuchenne and CureDuchenne Ventures.
“We have great respect for the team at Edgewise Therapeutics, and CureDuchenne Ventures is pleased to participate in this Series B financing to help speed the progression of the company’s innovative approach into clinical testing.”
“I’m excited to see Edgewise Therapeutics secure this funding and move towards the clinic,” said Barry Byrne, director, Powell Gene Therapy Institute at the University of Florida.
“Patients affected by DMD and BMD are currently underserved with limited treatment options. Edgewise’s approach has the potential to benefit a broad population of muscular dystrophy patients and represents a new strategy for this devastating disease.”