US-based cell therapy developer Immusoft has completed a $20m series B round that included the strategic investment division of life sciences real estate investment trust Alexandria Real Estate Equities.
Alexandria Venture Investments was joined in the round by Breakout Ventures, a vehicle for fellowship Thiel Foundation’s Breakout Labs, as well as RBV Capital, Defta Partners and Mesa Verde Venture Partners. The $3m first tranche was led by 600 Mile Challenge Fund in January 2018.
Founded in 2009, Immusoft has developed technology called Immune System Programming, which modifies a patient’s cells, essentially converting them into producers of gene-encoded medicines.
Part of the funding will be used to advance Immusoft’s lead program, ISP-001, a treatment for the genetic disease mucopolysaccharidosis type I (MPS I), through phase 1/2 clinical testing. Proceeds will also go to developing a pipeline of additional candidates.
Immusoft CEO Sean Ainsworth said: “With the closing of our series B financing, we believe we are now strongly positioned to advance this novel approach for treating MPS I patients through phase 1/2 clinical development with the goal of generating initial safety and potential efficacy data during 2019.”
The round follows $2.7m in a 2016 round co-led by FF Science, a branch of the Peter Thiel-led venture capital firm Founders Fund, and Technium Partners, which in turn came after $2.4m in funding from FF Science and private investors including Tim Draper in 2014.