US-based autoimmune disease treatment developer Syntimmune raised $10m in series A financing yesterday in a tranche co-led by Baxalta Ventures, the corporate venturing unit of biopharmaceutical company Baxalta.
Venture capital firm Apple Tree Partners co-led the round, which was also backed by Partners Innovation Fund, the corporate venturing arm of healthcare system Partners HealthCare, and undisclosed other investors.
Syntimmune is developing therapeutics based on the neonatal Fc receptor, which is a target for some autoimmune diseases. The cash will go to completing a planned phase 1a study for its lead product candidate, SYNT001, which is expected to start later this year.
The financing represents the second tranche of a series A round expected to reach $26m, and comes after an $8m first tranche that closed in October 2014 according to a securities filing. Syntimmune has raised $28m since it was founded in 2013.