US-based gene therapy developer SwanBio Therapeutics extended a series A round featuring Partners Innovation Fund (PIF), the corporate venture capital vehicle formed by health system Partners HealthCare, to $77m yesterday.
PIF and life sciences company builder and investment firm Syncona committed a further $52m to the round, which came after it invested $23m to lead the round’s $25m first tranche in June 2018, with PIF supplying the rest.
Syncona has provided a further $19.6m for the round and PIF $400,000. The full $77m figure is dependent on certain milestones being met.
Founded in 2017, SwanBio is working on adeno-associated virus-based gene therapies to treat neurological diseases with significant unmet need.
The funding will be used to bolster the company’s manufacturing capabilities as well as advancing its lead drug candidate, progressing its preclinical pipeline and adding 20 staff members to a 24-strong team, according to Philadelphia Business Journal.
Tom Anderson, SwanBio’s CEO, said: “At SwanBio Therapeutics, we enjoy the confidence and support of both Syncona and Partners Innovation Fund in achieving a focused multi-program platform in neurological diseases through what has become the most significant investment in the company to date.
“We continue to seek and develop gene therapies in neurological diseases where there is significant unmet need and where our science can make a difference in the lives of patients and their families.”
