Dynacure, a France-based muscular disease drug developer backed by RNA-focused pharmaceutical company Ionis Pharmaceuticals, completed a €50m ($55m) series C round on Wednesday.
The round was led by investment firm Perceptive Advisors and included state-owned investment bank BPIfrance’s Large Venture, Fabs and Fonds Biothérapies Innovantes et Maladies Rares funds, in addition to Andera Partners, Kurma Partners, Pontifax and unnamed funds managed by Tekla Capital Management.
Founded in 2016, Dynacure is preparing for phase 1/2 clinical testing on a drug candidate called DYN101 for myotubular and centronuclear myopathies (CNMs), a group of rare inherited muscular diseases that manifest as defects in the cell structure of skeletal muscles from birth.
CNMs can be fatal and affect an estimated 4,000 to 5,000 patients across the European Union, United States, Japan and Australia according to Dynacure. Created in partnership with Ionis, DYN101 is intended to modulate the gene expression of a protein called DNM2 linked to CNM disease.
Proceeds will be used to complete the multi-centre phase 1/2 trial on adult patients, before extending the program to include paediatric patients. Henry Skinner, senior vice-president at Tekla Capital Management, will join the company’s board of directors.
Andera Partners led a $55m round for Dynacure in July 2018 that included BPIfrance, Pontifax, Kurma Partners and Idinvest Partners, following an undisclosed amount from BPIfrance in 2017.
Ionis, regional tech transfer office Satt Conectus, Kurma Partners and Idinvest Partners supplied an undisclosed amount of funding for the company in 2016. Satt Conectus had supported its early development with a total of approximately $515,000 in project financing between 2013 and 2015.