US-based biotechnology company Scholar Rock secured $36m today in a series B round featuring diversified conglomerate Kraft Group.
Fidelity Management and Research Company led the round, which also featured Cormorant Asset Management, Polaris Partners, Arch Venture Partners, EcoR1 Capital and Scholar Rock founder Timothy Springer.
Scholar Rock is developing biologic therapies related to the molecular mechanisms of supracellular activation in order to treat a range of diseases by preventing growth in the disease microenvironment.
The company raised $20m in a September 2014 series A round led by Arch Venture Partners that included Kraft, Polaris Partners and EcoR1 Capital and Timothy Springer.
Nagesh Mahanthappa, Scholar Rock’s president and CEO, said: “We are excited to have such strong support in this Series B financing, from an outstanding syndicate of life sciences investors with the expertise to help us build a leading innovative biotechnology company.
“This financing recognises the power of our supracellular activation platform to create a compelling drug pipeline in a broad array of therapeutic areas, including fibrosis, muscle disease, immuno-oncology and autoimmune disease.”