US-based Duchenne muscular dystrophy (DMD) therapy developer Solid Biosciences has reached the first close of a $50m series C round that includes biotech company Biogen.
RA Capital Management and Bain Capital Life Sciences are co-leading the round, which includes RTW Investments, Foresite Capital, Cormorant Asset Management, Perceptive Advisors, Janus Capital Management, entities affiliated with Leerink Partners and an undisclosed healthcare fund.
Solid is working on a gene therapy treatment for DMD, a muscle-wasting disease caused by a genetic disorder. It expects to advance its lead product candidate, SGT-001, into clinical trials in the second half of this year, while securing production capacity.
The round involved Solid Biosciences merging with Solid GT, the gene therapy subsidiary that raised $42.5m in a November 2016 series B round co-led by Biogen and Perceptive Advisors with support from funds managed by Janus Capital Management
Ilan Ganot, chief executive of Solid Biosciences, said: “This financing comes at an important time for Solid as we continue to grow our company and the infrastructure needed to advance our programs for DMD.
“The proceeds will enable us to move SGT-001 through clinical development and maintain momentum in our efforts to identify and develop a new generation of meaningful DMD therapies.”