US-based genetic therapeutics developer Adarx Pharmaceuticals secured $75m yesterday in a series B round co-led by SR One Capital Management, the venture capital offshoot of pharmaceutical firm GlaxoSmithKline.
Lilly Asia Ventures, a corporate venturing arm of pharmaceutical firm Eli Lilly, also took part in the round, which was co-led by healthcare-focused investment firm OrbiMed and backed by real estate developer Sirona Capital.
Founded in 2019, Adarx is developing genetic drugs using RNA editing technology to target diseases including genetic, cardiometabolic and central nervous system disorders at a molecular level.
The company will use the cash to improve its pipeline of RNA targeting platforms and bring its other research-phase programmes to phase 1 clinical trial. It had raised $6m in November 2020, three months after a $5m round from similarly undisclosed investors, according to securities filings.
SR One chief executive Simeon George said: “The Adarx team is laser-focused on efficiently translating their insights around RNA biology into novel medicines to benefit patients.
“The team has made tremendous progress in the advancement of its unique, multi-faceted RNA platform in the short time since the company’s launch and we look forward to helping build the pipeline with this financing.”
