Genascence Closes First $10.5M Tranche of Series A Financing

Genascence Corporation, a Palo Alto, CA-based clinical-stage biotechnology firm centered within the therapy of prevalent musculoskeletal ailments with gene remedy,accomplished the primary closing in a Series A financing totaling $10.5m.

The spherical was led by Pacira BioSciences, with participation from Polymerase Capital, DeepWork Capital, and University of Florida Research Foundation.

The firm intends to make use of the proceeds to speed up scientific improvement of GNSC-001, its lead program in osteoarthritis (OA).

Led by Thomas Chalberg, Ph.D., founder and CEO, Genascence Genascence is a clinical-stage biotechnology firm centered on innovating the therapy of prevalent musculoskeletal ailments with gene remedy. The firm, which was based in 2017 with know-how licensed from three U.S. analysis establishments: Mayo Clinic, University of Florida, and NYU Langone Health, is advancing GNSC-001, a genetic drugs – a recombinant adeno-associated vector (AAV) carrying a coding sequence for interleukin-1 receptor antagonist (IL-1Ra), a potent inhibitor of interleukin-1 (IL-1) signaling. IL-1 is taken into account one of the important thing mediators concerned within the pathogenesis of OA, inflicting irritation in addition to cartilage destruction. GNSC-001 is designed to supply long-term, sustained inhibition of IL-1 following a single injection into the affected joint.

As half of the financing, Brian Kotzin, M.D., senior vice chairman and chief medical officer at Nektar Therapeutics, and Jackson Streeter, M.D., accomplice, DeepWork Capital and director, University of Florida Ventures, be part of Genascence’s board of administrators. Dr. Chalberg was elected chairman of the board.

Genascence was based in 2017, in Palo Alto, California, by a staff of specialists and trade leaders with deep expertise and confirmed observe file within the design, improvement, and manufacturing of profitable gene therapies and organic medicines, and firm constructing.

FinSMEs

10/05/2022

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