US-based molecular therapeutics developer Faze Medicines has officially launched with $81m in series A funding from investors including pharmaceutical firms Novartis, Eli Lilly and AbbVie.
Venture capital firm Third Rock Ventures led the round, which also featured Alexandria Venture Investments, the VC arm of real estate investment trust Alexandria Real Estate Equities, as well as Invus, Catalio Capital Management and Casdin Capital.
Novartis and AbbVie participated in the round through corporate venturing vehicles Novartis Venture Fund and AbbVie Ventures respectively. Laura Brass, managing director at Novartis Venture Fund, has taken a seat on the startup’s board of directors.
Faze is developing treatments for neurodegenerative disorders such as amyotrophic lateral sclerosis (ALS) based on biomolecular condensates, a type of molecule that organises to perform certain cell functions, the disruption of which could play a key role in a range of diseases.
Third Rock Ventures partner Cary Pfeffer is interim CEO of the company. He said: “The biology of condensates is the kind of science that will rewrite textbooks – and, we believe, rewrite medicine.
“Faze is founded by leading experts who have been integral to this field since its very beginnings. Their insights, coupled with the deep expertise of the team we have assembled, will enable us to realise the enormous potential of this new biology.”
