US-based genetic medicine developer Akouos secured $50m yesterday in a series A round featuring corporate venturing representatives of healthcare provider Partners Healthcare and pharmaceutical firm Novartis.
Partners Innovation Fund and Novartis Venture Fund invested alongside venture capital firms 5AM Ventures and New Enterprise Associates (NEA), which co-led the round, Sofinnova Ventures and RA Capital Management.
Founded in 2016, Akouos is developing precision genetic medicines intended to treat sensorineural hearing loss, which is caused by damage to the inner ear’s sensory cells or nerve fibres.
The company is initially concentrating on monogenic sensorineural hearing loss, which is triggered by mutations in individual genes. It has partnerships in place with teaching hospital Massachusetts Eye and Ear and chemical and pharmaceutical producer Lonza.
Akouos founder and CEO Manny Simons said: “Akouos has a unique opportunity to bring forward the world’s first precision medicines for individuals with genetically-driven forms of hearing loss.
“The expansion of our team and investor base, in addition to our founding partnerships with Massachusetts Eye and Ear and Lonza, puts us in a strong position to advance the clinical studies that will convert the promise of our approach into meaningful therapies.”
The capital will fund the first-in-human clinical studies for the company’s lead product candidate as well as the further development of its pipeline.
Akouos had previously raised $7.5m in a November 2017 seed round co-led by 5AM Ventures and NEA that included Partners Innovation Fund.