Wave Life Sciences, a US-based biotechnology developer backed by contract research company SNBL, closed a $66m series B round yesterday led by growth capital firm Foresite Capital.
The oversubscribed round also featured Fidelity Management and Research, New Leaf Venture Partners, Redmile Group, Jennison Associates, Cormorant Asset Management, Clough Capital Partners, RA Capital Management and Kagoshima Shinsangyo Sosei Investment.
Founded in 2014, Wave is working on a drug discovery platform that will fuel the development of nucleic acid-based treatments for rare genetic diseases.
The platform is based on research by Gregory Verdine of Harvard University and Takeshi Wada of Tokyo University of Sciences. Wave conducts its research and development efforts in the US and Japan.
The series B funding will support the further development of Wave’s platform and advance the company’s pipeline of drug candidates for conditions such as Huntington’s disease, a neurodegenerative disorder which is currently incurable.
SNBL took part in an $18m series A round in February 2015 that was co-led by RA Capital Management and Kagoshima Shinsangyo Sosei Investment.
Gregory Verdine, founder and chairman of Wave, said: “It is gratifying to witness the evolution of the company as it continues its march toward the clinic led by a solid, experienced management team and driven by a mission to bring new medicines to patients impacted by rare, often devastating genetic disorders.”