US-based musculoskeletal disease drug developer Edgewise Therapeutics completed a $95m series C round on Tuesday that included pharmaceutical firm Novo.
Hedge fund manager Viking Global Investors led the round, which also featured new investors Janus Henderson Investors, Surveyor Capital, RA Capital Management, Cormorant Asset Management, Logos Capital and Wellington Management.
The participants were filled out by existing backers OrbiMed, US Venture Partners (USVP), Deerfield Management, New Leaf Ventures and CureDuchenne Ventures, the investment arm of non-profit research organisation CureDuchenne.
Edgewise will channel the funding into further development of its lead product candidate, EDG-5506, a potential treatment for Becker muscular dystrophy (BMD) and Duchenne muscular dystrophy (DMD).
EDG-5506 is in a phase 1 clinical trial for BMD and it could potentially be used to treat a range of neuromuscular disorders.
Kevin Koch, Edgewise’s president and chief executive, said: “We are delighted to partner with this distinguished group of investors as we advance our drug pipeline.
“We are excited about the potential of EDG-5506 for patients affected by BMD and DMD, who are currently underserved with limited treatment options.”
The round comes after a $50m series B round in September 2019 co-led by Novo and USVP that included New Leaf Venture Partners, OrbiMed, CureDuchenne Ventures and Deerfield Management. Edgewise has not revealed details of earlier financing.
