US-based biotechnology developer Morphic Therapeutic closed an $80m series B round yesterday that was co-led by pharmaceutical firm Novo Holdings and investment firm Omega Funds.
Invus and EcoR1 Capital also contributed to the round, as did a range of unnamed, existing investors.
Founded in 2015, Morphic is developing therapies for fibrosis, vascular disorders and autoimmune diseases as well as immuno-oncology treatments. The drugs target integrins, protein receptors that control a wide range of cellular processes.
Morphic’s technology is based on research by Timothy Springer, a professor at Harvard University and Boston Children’s Hospital. It has also formed a strategic partnership with chemical simulation software producer Schrödinger to facilitate the design of clinical candidates.
The funding will help advance two assets through the proof-of-concept stage and move several candidates into clinical trials.
Nilesh Kumar, partner at Novo’s corporate venturing arm, Novo Ventures, and Otello Stampacchia, managing director at Omega Funds, have joined the company’s board of directors.
Morphic secured $51.5m in a 2016 series A round co-led by SR One and Pfizer Ventures, the respective corporate venture capital vehicles for pharmaceutical firms GlaxoSmithKline and Pfizer.
AbbVie Ventures, the corporate VC arm of biopharmaceutical firm AbbVie, and ShangPharma Investment Group, the investment subsidiary of pharmaceutical holding firm ShangPharma, also backed the series A, as did Schrödinger, Omega, Polaris Partners and Springer.
Schrödinger, ShangPharma, Polaris and Springer had already provided an undisclosed amount of seed capital for the company, though it is not clear when the money was invested.
Kumar said: “Morphic’s platform has yielded several novel oral drug candidates targeting integrins in several major indications.
“Led by great science and a strong team they have delivered major milestones in laying the foundation for clinical success and we are excited to support their unique programs and platform.”
