Novo led a $33m series B round for US-based replacement therapy developer Glycomine on Wednesday that included fellow pharmaceutical firms Asahi Kasei Pharma and Chiesi Group.
Venture capital firm Mission Bay Capital and life sciences investment firm Sanderling Ventures also took part in the round, while Chiesi invested through corporate venturing vehicle Chiesi Ventures.
Founded in 2013, Glycomine is working on treatments for rare metabolism and protein-misfolding disorders for which no therapy currently exists.
The company’s lead asset is aimed at a condition called PMM2-CDG, symptoms of which include liver disease, immune and nervous system disorders and episodes resembling strokes. It will use the money to advance the candidate into early-stage trials.
The capital will fund clinical studies for the asset, a substrate replacement in patients with congenital diseases of glycosylation (CDG), a group of rare genetic, metabolic disorders caused by carbohydrate chains being added to proteins and lipids.
Kenneth Harrison, principal at Novo’s strategic investment arm, Novo Ventures, is joining Glycomine’s board of directors in conjunction with the round.
The round follows a $12m series A in 2016 that was led by Sanderling and backed by Chiesi Ventures and unnamed individuals. Glycomine had previously raised about $1m in seed capital from undisclosed investors.