US-based biotechnology company AveXis completed a $10m series C round co-led by Roche Venture Fund, the corporate venturing unit of pharmaceutical company Roche, and investment firm Deerfield Management on Thursday.
AveXis previously raised an undisclosed amount of series B funding in April 2014 from another investment firm, PBM Capital, but has not disclosed details concerning its series A round.
AveXis is developing a gene therapy product dubbed ChariSMA, which is intended to ttreat genetic and orphan diseases such as spinal muscular atrophy (SMA), a disorder which results in muscle wasting and mobility impairment.
The series C funding will be used to support further development of ChariSMA that will include a Phase 1 clinical trial for which the company is currently recruiting patients.