US-based biotherapeutics developer Locana secured $55m on Wednesday in a series A round that included subsidiaries of internet technology conglomerate Alphabet and biopharmaceutical company UCB.
Venture capital firm Arch Venture Partners led the round, investing alongside Singaporean government-owned investment firm Temasek and VC firm Lightstone Ventures. Alphabet and UCB participated through their GV and UCB Ventures subsidiaries respectively.
Founded in 2016, Locana is developing RNA-targeting gene therapies designed to target diseases caused by mutations in the patient’s DNA.
The company will use the capital to create a pipeline of RNA-targeting gene therapy programs, bolster its technology platform and expand its leadership team with strategic hires.
Emmanuel Lacroix, senior director of investments for UCB Ventures, has joined the company’s board of directors as an observer in conjunction with the round. Tom Daniel from Arch Venture Partners, Cayce Denton of Temasek and Jean George from Lightstone have taken full board seats.
Locana described Temasek and Lightstone as existing investors, though the company has not disclosed details of any previous funding.
Jeffrey Ostrove, chief executive of Locana, said: “I was drawn to the power of the Locana RNA-targeting gene therapy platform and the opportunities to realise its full potential in dozens of diseases with first- and best-in class therapeutics.
“I am eager to build the team, cultivate our own pipeline as well as partnering opportunities, and set the company on the course to achieve long-term success with a portfolio of therapeutics to benefit patients.”