Glycomine, Inc. Announces $33 Million Series B Financing To Advance Its Therapy For A Congenital Disease Of Glycosylation
August 1, 2019
SAN CARLOS, Calif., Aug. 7, 2019 /PRNewswire/ -- Glycomine, Inc., a biotechnology company focused on developing new therapies for rare diseases, today announced that it has raised $33 million in a Series B financing led by Novo Holdings A/S. Proceeds from the financing will be used to advance Glycomine's substrate replacement therapy for PMM2-CDG (CDG-1a), the most prevalent form in the spectrum of congenital diseases of glycosylation (CDG), into early stage clinical studies.
Additional support for the financing was received from new investors Asahi Kasei Pharma Corporation and Mission Bay Capital as well as existing investors Sanderling and Chiesi Ventures. "Glycomine's novel therapy offers great promise to address a critical unmet medical need," said Kenneth Harrison, Ph.D., of Novo Ventures. "We believe that Glycomine's approach has potential to directly address many of the most debilitating symptoms of PMM2-CDG."
In connection with the financing, Peter McWilliams, Ph.D., currently its acting CEO and a director, will join the company as its full time CEO. "I am truly excited by the opportunity to join the company at this juncture and advance this therapy with a potential to provide relief for the patients and families affected by this devastating disease," said Peter McWilliams. "The Series B financing will enable us to make significant progress in the clinic and we are delighted to have such a knowledgeable and experienced team of investors behind us and are thankful for the support they have placed in the team."
Also in connection with the financing, Kenneth Harrison, Ph.D., will be joining the Board alongside Chris Starr, Ph.D., the co-founder of BioMarin and Raptor Pharmaceuticals. Chris Starr said, "It is an exciting time at the company as we prepare for the clinic and have an opportunity to make a significant positive impact in the CDG community."
PMM2-CDG (also called CDG-Ia) is the most prevalent form in the spectrum of congenital disorders of glycosylation (CDG) which cause incomplete formation of the glycan chains essential for the structure and function of many glycosylated proteins. PMM2-CDG is caused by a deficiency of the enzyme phosphomannomutase 2 (encoded by the gene PMM2). The disease affects many systems of the body resulting in symptoms such as hypotonia, liver disease, coagulopathies, stroke-like episodes, as well as immune and nervous system disfunctions. There is no cure for the more than 1,000 patients diagnosed with the disorder.
About Novo Ventures
Novo Holdings is a Danish private limited liability company wholly owned by the Novo Nordisk Foundation. The company is the holding company in the Novo Group, comprising Novo Nordisk A/S, Novozymes A/S and NNIT A/S, and is responsible for managing the Foundation's assets. In addition to being the major shareholder in the Novo Group companies, Novo Holdings provides seed and venture capital to development-stage companies, takes significant ownership positions in well-established companies within life science and manages a broad portfolio of financial assets. Novo Ventures (US), Inc. is wholly owned by Novo Holdings and provides consulting services to Novo Holdings. Read more at www.novoholdings.dk.
About Glycomine, Inc.
Glycomine is developing orphan drugs for serious rare monogenic disorders of metabolism and protein misfolding for which no other therapeutic options exist. The company's approach is to combine replacement therapies – substrates, enzymes, or proteins – with delivery vehicles consisting of bio-nanomaterials or ligands that target the molecules to the cell interior of clinically relevant organs. The company is based in San Carlos, California.