Scioto Biosciences, a US-based developer of brain and bowel disease treatments, has secured up to $26.5m in series B funding from investors including microbiome therapeutics provider Genome and Company, it announced yesterday.
The unnamed additional investors will provide their share of the round in a later tranche, and Genome and Company has acquired a majority stake of undisclosed size through the transaction.
Founded in 2017, Scioto is working on treatments that will utilise beneficial bacteria colonisation in the gut to target disorders of the gastrointestinal tract, oncological and central nervous system.
The funding will support further development of the company’s lead asset, SB-121, which is aimed at conditions including autism spectrum disorder.
Scioto was co-founded by Abigail Wexner Research Institute at Nationwide Children’s Hospital with accelerator Monon Bioventures to commercialise the Activated Bacterial Therapeutics (ABT) platform developed by researchers at the hospital.
South Korea-headquartered Genome and Company will gain a foothold in the United States through its investment and will use Scioto as a discovery centre and a gateway to regulatory agency the US Food and Drug Administration for clinical trials.
The round came after Scioto closed a $1.8m series A round in May 2018 featuring BioCrossroads, Elevate Ventures and Rev1 Ventures.
Joe Trebley, Scioto’s chief executive, said: “We are very much looking forward to partnering with Genome and Company to continue to develop the ABT platform. We are excited to have them as a development partner with deep microbiome expertise and better access to Asian markets.”