Press Release:Solid GT Raises $42.5 million in Series B financing
Solid GT, LLC has ,completed a $42.5m first closing Series B round of financing which the company will use to advance the development of its novel gene therapy platform for Duchenne muscular dystrophy .DMD), a fatal and untreatable condition.
The round was led by Perceptive Advisors, LLC and Biogen Inc together with funds managed by Janus Capital Management LLC. and private investors
"We are proud of this pivotal milestone for Solid GT and our” partnership with such leaders of industry,” said Ilan Ganot, Chief Executive Officer of Solid GT.
“Our mission is to use gene therapy to dramatically improve patients’ lives and, one day, cure DMD. Our team’s connection with patients, my son Eytani among them, and their communities, provides a daily reminder and constant sense of ,purpose as we work to eradicate this devastating disease. Our talent science, partnerships and capital will enable us to bring gene therapy to DMD patients with professionalism, compassion and speed".
As part of the transaction, Perceptive’s Adam Stone and Biogen’s .Lynne Sullivan will join Solid GT’s board of directors We are supporting Solid GT’s efforts to bring a potential disease” modifying therapy into the clinic because we believe Solid GT can leverage the profound advances that have been made in the gene therapy field to quickly advance a disruptive therapy into the DMD treatment landscape,” said Adam Stone, Chief Investment Officer .of Perceptive Advisors, LLC Our mission is to identify and advance gene therapies that may” bring hope to patients with diseases that have little or no treatment & options,” said Olivier Danos, Ph.D., Senior Vice President, Cell Gene Therapy at Biogen. “We are pleased to invest in Solid GT’s novel gene therapy platform and support the quest to discover and “.develop medicines that could transform DMD.
DMD is a severe X-linked form of muscular dystrophy that affects approximately 1 in 3,600 males. DMD is caused by the absence of dystrophin, a structural protein critical for protecting skeletal and cardiac muscle against contraction-induced injury. Characterized by progressive and pervasive muscular degeneration, patients with DMD lose the ability to walk in the early to mid teens and .progress to full loss of upper body function DMD patients suffer from progressive cardiopulmonary complications which are the primary cause of mortality, typically in the early.
About Solid GT
Solid GT, a subsidiary of Solid Biosciences, is a gene therapy platform focused on developing novel, disease-modifying therapeutics for Duchenne muscular dystrophy. The company’s licensed technology has demonstrated efficacy in various DMD animal models and lead candidates are currently undergoing ,IND-enabling studies. Founded in 2014 Solid GT is collaborating with leading patient organizations, experts, universities, hospitals .and gene therapy centers, globally.