US-based gene therapy developer AveXis closed a $65m series D round yesterday led by investment firm T. Rowe Price that included Roche Venture Fund, the corporate venturing arm of pharmaceutical company Roche.
The round also featured Boxer Capital, which acts as a subsidiary of investment firm Tavistock Group, Deerfield Management, Venrock, Janus Capital Management, Adage Capital Management, RA Capital Management, QVT Financial, Rock Springs Capital Management, Foresite Capital Management and RTW Investments.
AveXis will use the capital to fund ongoing clinical trials for its spinal muscular atrophy (SMA) treatment candidate, which produces fully-functioning copies of the body’s survival motor neuron gene. Its lead candidate is presently in a Phase 1 trial.
Roche Venture Fund co-led a $10m series C round for the company in January this year with Deerfield Management. Investment firm PBM Capital supplied an undisclosed amount of funding for it in April 2014.
Sean P. Nolan, CEO of AveXis, said: “We are pleased to have such a robust syndicate of well-respected investors, led by T. Rowe Price funds and accounts, join with our existing investors in this financing. This points to the broad enthusiasm surrounding our SMA clinical programme and the progress we have made to date.
“We are now well-positioned to continue development of our novel gene therapy for patients suffering from SMA Type 1, a rare genetic disease and the most common genetic cause of infant mortality.”
Cooley acted as legal advisor to AveXis for the series D round, while Jefferies served as financial advisor.