US-based gene medicine developer 4D Molecular Therapeutics (4DMT) completed a $75m series C round yesterday featuring Chiesi Ventures and Pfizer Ventures, subsidiaries of pharmaceutical firms Chiesi Group and Pfizer.
The round was led by healthcare-focused hedge fund manager Viking Global Investors and included financial services group MiraeAsset and Berkeley Catalyst Fund, a venture unit aligned with University of California.
Cystic Fibrosis Foundation, Amzak Health, Longevity Vision Fund, BVF Partners, Arrowmark Partners, Ridgeback Capital Investments, Perceptive Advisors, Pappas Capital, Casdin Capital, Longevity Vision Fund, Octagon Investments and Quad Investment Management filled out the round.
Founded in 2013, 4DMT is working on gene medicines for a range of diseases that will use adeno-associated viruses to target specific tissues associated with each indication. Its target indications include cystic fibrosis, ophthalmology, neuromuscular diseases and lysosomal storage diseases.
The proceeds will help progress the company’s product pipeline through clinical and preclinical trials and fund the discovery of new drug candidates based on its underlying technology platform. It will also focus on building out its manufacturing capacity to medical regulatory standards.
4DMT plans to commence clinical trials on three candidates during this year, focusing on rare inherited disorders Fabry disease, X-linked retinitis pigmentosa and choroideremia. Tony Yao, portfolio manager at ArrowMark Partners, has joined the board of directors.
The company filed in September 2019 to raise up to $100m in initial public offering, having closed a $90m series B round the previous year led by Viking Global and backed by Pfizer Ventures, Chiesi Ventures, Berkeley Catalyst Fund, CureDuchenne Ventures, ArrowMark Partners, Janus Henderson Investors, Biotechnology Value Fund, Pappas Capital, Perceptive Advisors and Ridgeback Capital.
The series B came after 4DMT secured $3m from non-profit research lab Cystic Fibrosis Foundation Therapeutics in 2017, and $18.6m across two rounds in 2015, according to regulatory filings.