US-based gene therapy startup AavantiBio launched yesterday with $107m in a series A round that included $15m from genetic medicine developer Sarepta Therapeutics.
The round also featured hedge fund sponsor Perceptive Advisors, investment manager RA Capital Management and Bain Capital Life Sciences, a subsidiary of private equity firm Bain Capital.
AavantiBio will concentrate on genetic therapeutics for rare diseases and its initial focus is on Friedreich’s Ataxia (FA), an inherited genetic disease that leads to central nervous system and cardiac dysfunction.
The startup’s president and chief executive, Bo Cumbo, had previously been chief commercial officer and executive vice-president at Sarepta since 2012. Its technology is based on research by co-founders Barry Byrne and Manuela Corti at University of Florida.
Doug Ingram, Sarepta’s president and chief executive, said: “Our equity participation in AavantiBio serves our strategy to build our gene therapy engine through targeted investment in potentially life-enhancing therapies as well as partnering with renowned genetic medicine pioneers such as Drs. Byrne and Corti.
“Bo Cumbo has built a first-in-class rare disease commercial organisation and has made tremendous contributions to Sarepta. We look forward to continuing to work with Bo as he builds a strong AavantiBio team and advances therapies to treat FA and other rare diseases.”
