GlycoEra AG raises $130 Million to advance therapies for autoimmune diseases
Summary
GlycoEra AG, a biotechnology company pioneering best-in-class extracellular protein degraders for the treatment of autoimmune diseases, closed an oversubscribed $130 million Series B financing. With this financing, we plan to initiate first-in-human clinical trials for our lead program later this year, said Ganesh Kaundinya, Ph.D., President and Chief Executive Officer of GlycoEra. This financing is a strong validation of our science and platform, allowing us to accelerate our lead program into clinical development while advancing our robust pipeline of precision immunology medicines. Additional new investors who joined the syndicate include Agent Capital, MP Healthcare Venture Management (a subsidiary of Mitsubishi Tanabe Pharma), and Sixty Degree Capital.GE8820s ability to rapidly and deeply degrade pathogenic extracellular proteins with high specificity offers a potentially paradigm-shifting opportunity for the treatment of multiple autoimmune diseases, said Max Klement, Partner at Novo Holdings. With deep expertise in precision medicine, GlycoEras management team is well-positioned to redefine therapies in immunology, and we are proud to support their continued progress.As a founding investor in GlycoEra, we have been consistently impressed with the teams progress - advancing a truly unique platform and building a promising pipeline of protein degraders, said Graziano Seghezzi, Managing Partner at Sofinnova Partners.