US-based biopharmaceutical firm Eidos Therapeutics raised $64m in a series B round yesterday backed by its parent company, biotechnology conglomerate BridgeBio Pharma.
The round was led by RA Capital Management and also included Janus Henderson, Viking Global Investors, Aisling Capital, Perceptive Advisors, Cormorant Asset Management and Amzak Health Investors.
Eidos Therapeutics is working on therapies for a family of rare genetic diseases caused by transthyretin amyloidosis (ATTR), characterised by a build-up of the amyloid protein in the nervous system, heart, kidneys, eyes and gastrointestinal tract.
There are three distinct types of the disease: the neuropathic form, which makes it difficult to control bodily functions and affects a wide range of organs, the leptomeningeal form, which affects the central nervous system, and the cardiac form, which affects the heart.
Eidos’ lead drug candidate, AG10, will be advanced into phase 2 trials thanks to the cash injection. The company will also continue preparations for phase 3 trials.
Rajeev Shah, managing director and portfolio manager at RA Capital, and Eric Aguiar, partner at Aisling, will join the board of directors.
Eidos has now raised approximately $91m in funding, with BridgeBio Pharma previously supplying $27m when it unveiled the company in April 2017.
Shah said: “ATTR diseases are a large and growing unmet need, and together, they represent one of the largest genetically-defined diseases with inadequate standard of care.
“We look forward to working with Eidos’ proven management team to bring a disease-modifying treatment for ATTR to market as quickly as possible.”