Press Release:Solid Biosciences Raises Up To $50 Million In Series C Financing
Company to Use Proceeds to Advance Programs for Duchenne Muscular Dystrophy.
Solid Biosciences announced today that it has completed the initial closing of its $50 Million Series C financing, which the company will use to progress its portfolio of programs targeted at Duchenne muscular dystrophy (DMD). The round was led by RA Capital Management and Bain Capital Life Sciences, together with funds from RTW Investments, Foresite Capital, Cormorant Asset Management LLC, entities affiliated with Leerink Partners, and an unnamed health care fund. Existing investors Perceptive Advisors, Janus Capital Management and Biogen also participated in the round.
Solid will continue to focus on advancing its investigational gene therapy, SGT-001, into the clinic in the second half of 2017, as well as securing manufacturing capacity and capabilities to support the long-term clinical and commercial needs of the company’s programs. Solid will also continue to build its pipeline with next generation gene therapy assets and disease modifying therapies.
“Solid has put together one of the most compelling scientific portfolios in DMD, starting with its innovative gene therapy program,” said Rajeev Shah, portfolio manager and managing director, RA Capital Management. “We are excited to support a company that has the right business model and people in place to successfully bring forward life-changing therapies for patients with this devastating disease."
As part of the transaction, Solid Biosciences has merged with Solid GT, the company’s subsidiary focused on gene therapy development, to best align talent and resources. The Boards of Directors of Solid Biosciences and Solid GT will be consolidated. RA’s Rajeev Shah and Adam M. Koppel, M.D., Ph.D., managing director, Bain Capital Life Sciences, will join Solid’s Board of Directors.
“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,” said Ilan Ganot, chief executive officer, Solid Biosciences. “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. I am also delighted to welcome Raj and Adam to Solid’s Board of Directors and look forward to working with their teams.”
“Solid is an innovative company at the forefront of improving the lives of individuals and families suffering from this horrific genetic disorder,” said Adam Koppel. “We’re thrilled to invest in a strong management team that we believe will greatly improve the quality of life of those affected by DMD.”
About Duchenne Muscular Dystrophy
Duchenne muscular dystrophy (DMD) is a rare, muscle-wasting disease. As the most common fatal genetic disorder diagnosed in childhood, it affects approximately one in 3,500-5,000 boys born worldwide, yet there is a significant need for treatments that can benefit all boys with the disease. DMD is caused by the absence of dystrophin, a protein that is fundamental for muscle function. Because of the lack of dystrophin, patients experience progressive and pervasive muscular degeneration, which eventually results in premature death. Patients are typically wheelchair-bound by their early teens and succumb to respiratory or heart failure in early adulthood.
About Solid Biosciences
Solid Biosciences is a life science company focused solely on finding meaningful therapies for Duchenne muscular dystrophy (DMD). Founded by those directly impacted by the disease, Solid is a center of excellence for DMD, bringing together experts in science, technology and care to drive forward a portfolio of candidates that have life-changing potential. Currently, Solid is progressing programs across four scientific platforms: Corrective Therapies, Disease Modifying Therapies, Disease Understanding and Assistive Devices. The company’s lead candidate, SGT-001, is an adeno-associated viral (AAV) vector-mediated gene therapy for which clinical trials are anticipated to begin in the second half of 2017. For more information, please visit www.solidbio.com.
About RA Capital Management
RA Capital Management is a crossover investment manager dedicated to evidence-based investing in public and private healthcare and life science companies that are developing drugs, medical devices, and diagnostics. The flexibility of its strategy allows RA Capital to lead private, IPO, and follow-on financings for its portfolio companies, both facilitating the crossover process and allowing management teams to drive value creation with fewer capital concerns from inception through commercialization.
About Bain Capital Life Sciences
Bain Capital Life Sciences (www.baincapitallifesciences.com) pursues investments in biopharmaceutical, specialty pharmaceutical, medical device, diagnostics and enabling life science technology companies globally. The team focuses on companies that both drive medical innovation across the value chain and enable that innovation to improve the lives of patients with unmet medical needs. Since 1984, Bain Capital has developed global reach, deep expertise and a proven track record in life sciences industries across its Private Equity, Credit, Public Equity and Venture business units. Bain Capital Life Sciences builds on the differentiated skillset and enables the firm to pursue opportunities created by several long-term trends in healthcare.