US-based fibrosis treatment developer Blade Therapeutics yesterday secured the final tranche of the $45m series B round it announced in June 2016, which features pharmaceutical firms Pfizer, Novartis and Bristol-Myers Squibb.
Healthcare investment firm Deerfield Management led the round, which included Osage University Partners and MPM Capital. Pfizer took part through its corporate venturing arm, Pfizer Venture Investments, while Novartis participated through its Novartis Institutes of Biomedical Research division.
The terms of the round stipulated that Blade Therapeutics would only receive the full amount of financing if it met certain milestones. Blade has now selected a lead candidate to develop, triggering the release of the round’s final tranche.
Spun out of the School of Medicine at Johns Hopkins University in 2015, Blade Therapeutics is working on treatments for fibrosis, a condition that leads to tissue scarring. It is focused on a small molecule inhibitor that will target an enzyme associated with fibrosis.
In addition to funding development of the lead candidate, the new tranche of financing will also be used to build out a pipeline of anti-fibrotic agents.
Blade Therapeutics initially raised $500,000 in debt financing in May 2015, followed by a $6.5m series A round in July the same year backed by MPM Capital and Osage University Partners.
Wendye Robbins, CEO of Blade Therapeutics, said: “I am very proud of the team for their progress in developing a best-in-class clinical candidate.
“Along with the additional funding, Blade is on track with [investigational new drug application]-enabling studies and is well positioned to enter the clinic in mid-2018.”