Coda Biotherapeutics, a US-based gene therapy developer targeting intractable neurological diseases, increased its series A round to $34m on Tuesday with an extension backed by Astellas Venture Management, the investment arm of drug developer Astellas.
The extension was led by venture capital firm Versant Ventures and also featured life sciences-focused VC firm MPM Capital, after the same duo co-led an initial $19m tranche in September 2018 involving Astellas and its peer Novartis.
Coda Biotherapeutics is developing engineered neurotransmitted receptors to treat neurological disease by attaching to the body’s dysfunctional neurons and modulating them upon contact with small molecule drugs subsequently administered to the patient.
The receptors enter the body through viral vectors suited to gene transfers and which are already used in existing neurosurgical procedures.
The approach means the receptors can be controlled selectively and reversibly, limiting side-effects associated with other treatments.
The money will go to progressing pre-clinical development of Coda’s lead candidates, targeting focal epilepsy and chronic neuropathic pain disorders, in addition to new potential medicines identified through its drug design program.