Design Therapeutics, a US-based developer of therapeutics for degenerative disorders, closed a $125m series B round yesterday featuring SR One, the venture capital firm funded by pharmaceutical firm GlaxoSmithKline.
Biotech-focused VC fund Logos Capital led the round, which included returning investors Cormorant Asset Management, Quan Capital and WestRiver Group.
Janus Henderson Investors, RA Capital Management, Surveyor Capital, Wellington Management, Avoro Capital Advisors and Vivo Capital also invested, with funds and accounts managed by BlackRock, funds and accounts advised by T. Rowe Price and undisclosed other backers.
Founded in 2017 as a spinout of University of Wisconsin-Madison, Design Therapeutics is developing gene targeted chimera (GeneTAC) drugs to treat serious degenerative disorders.
The company’s lead drug candidate is targeted at nucleotide repeat expansion disorders, including Friedreich ataxia, a rare genetic disease that causes difficulty in walking, and a multisystem disorder called myotonic dystrophy type-1. The former is expected to begin clinical trials in early 2022.
João Siffert, Design Therapeutics’ president and CEO, said: “In the short time since our launch, Design Therapeutics has made significant progress in the advancement of our novel GeneTAC platform focused on addressing the underlying causes of serious degenerative diseases.
“This capital raise provides important resources to efficiently advance our pipeline, including our lead programs in Friedreich ataxia and myotonic dystrophy type-1.”
SR One had led the company’s $45m series A round in March 2020, participating alongside Cormorant Asset Management, Quan Capital and WestRiver.
