Venture Capital News | Private Equity News | Garuda Therapeutics Secures $62 Million Series B Financing to Advance Off-the-Shelf Blood Stem Cell
Summary
Funding supports the continued development of Garudas technology platform generating the industrys first off-the-shelf, long-term durable blood stem cell therapies Announces appointment of Raymond J. Kelleher, M.D., Ph.D., to Board of DirectorsCAMBRIDGE, Mass., February 7, 2023-- Garuda Therapeutics (Garuda), a company creating off-the-shelf, durable blood stem cell-based cellular therapies, today announced a $62 million Series B financing led by Northpond Ventures, OrbiMed Advisors, Cormorant Asset Management, and Aisling Capital, along with participation from Sectoral Asset Management, Mass General Brigham Ventures, Alexandria Venture Investments, and other elite investors and individuals. Proceeds from the financing will be used to further advance the development of Garudas platform for generation of off-the-shelf, self-renewing blood stem cells towards the clinic as potential treatment for patients with hematological diseases. The Series B funding will also enable Garuda to continue the advancement of its proprietary HSC-derived off-the-shelf, durable immune cell program for treating patients with oncologic disorders. The funding will also further advance Garudas continued development of HLA-matched pluripotent stem cells greatly broadening the eligibility of patients and increasing access to blood and other cellular therapies in regenerative medicine. Garuda is built upon the foundation of what we consider to be the most de-risked and highly validated blood stem cell-based cell therapy approach, and has the potential to overcome challenges to the current standard of care, including lack of consistency, scalability, durability, affordability, and availability of suitable healthy donors.