Frequency Therapeutics, a US-based creator of progenitor cell-related medicines, closed a $32m series A round on Wednesday that included life sciences real estate trust Alexandria Real Estate Equities.
Investment manager CoBro Ventures led the round, which also featured Morningside Ventures, Emigrant Capital, Korean Investment Partnership and undisclosed investors from the US and overseas.
Founded in 2015, Frequency is developing small-molecule drugs that will restore healthy tissue by activating progenitor cells. It is currently focusing on therapies that will treat noise-induced hearing loss by recreating sensory hair cells in the inner ear.
The company’s Progenitor Cell Activation (PCA) platform is based on research conducted at Massachusetts Institute of Technology and Harvard Medical School.
David Lucchino, co-founder, CEO and president of Frequency, said: “With no effective therapy available, this presents an enormous market opportunity and we believe there is even broader potential in indications beyond hearing loss with the further development of the PCA platform.
“Frequency is building a next-generation regenerative medicine company with a truly breakthrough approach designed to awaken the body’s innate ability to restore function to damaged or diseased tissues.”