AAA Glycomine glides to $68m series B round

Glycomine glides to $68m series B round

US-based replacement therapy developer Glycomine completed a $68m series B round yesterday co-led by Sanofi Ventures, the corporate venturing arm of pharmaceutical firm Sanofi, and and venture capital firm Abingworth.

Pharmaceutical firms Novo, Asahi Kasei Pharma and Chiesi Group also participated in the round, the last two through subsidiaries Asahi Kasei Pharma Ventures and Chiesi Ventures. They were joined by RiverVest Venture Partners, Remiges Ventures, Mission Bay Capital and Sanderling Ventures.

Glycomine is working on treatments for congenital diseases of glycosylation (CDG), a group of rare genetic, metabolic disorders caused by carbohydrate chains being added to proteins and lipids.

The company will use the capital to advance its lead drug candidate, GLM101, through initial clinical trials in patients. It is a novel substrate replacement therapy aimed at treating a condition called PMM2-CDG, symptoms of which include liver disease, immune and nervous system disorders and episodes resembling strokes.

Jim Trenkle, Sanofi Ventures’ US head of investments, will join Glycomine’s board of directors in connection with the financing, along with Abingworth managing partner Bali Muralidhar and RiverVest managing director Niall O’Donnell.

The company had raised $33m in series B funding in August 2019 from Mission Bay, Novo – which led the round – Asahi Kasei, Chiesi Ventures and Sanderling Ventures.

Glycomine had previously secured $12m in a 2016 series A round led by Sanderling Ventures and backed by Chiesi Ventures, following an initial $1m in seed capital from undisclosed investors.