FoldRx Pharmaceuticals, a US-based biotechnology company focused on hereditary diseases, has added a second corporate venturing investor to its syndicate in order to close its third round of funding.
Novo Ventures, an investment division of a Denmark-based medical foundation, was a new investor in FoldRx’s series C round of $29m.
Novo joined repeat investor Novartis Venture Funds, the number one-ranked corporate venturing division of Switzerland-based drugs company Novartis.
The other investors in FoldRx’s third round were venture capital firms,
Morgenthaler Ventures, as another new investor, HealthCare Ventures, Fidelity Biosciences, TPG Biotechnology Partners and Alta Partners.
FoldRx raised $43m for its series B round in May 2006, 18 months after closing its $16m series A round. However, the company also received $22m from the non-profit Cystic Fibrosis Foundation Therapeutics in mid-2007.
Richard Labaudinière, executive president of FoldRx, said: "With the addition of two top-tier venture firms to our already strong investor base, we now have access to the resources necessary to commercialize [our product] Tafamidis and build FoldRx into an independent, orphan-disease focused company."
Heath Lukatch, a partner at Novo Ventures, will join the board of directors of FoldRx along with Ralph (Chris) Christoffersen, a partner at Morgenthaler Ventures.
FoldRx has been building up its resources to market its first products later this year and hired healthcare veteran Georges Gemayel as its full-time executive chairman in May.
Gemayel also currently serves on the boards of Adolor and Syndexa and previously headed Altus Pharmaceuticals after leaving biotech pioneer Genzyme Corporation.