Rare Daily Staff
Glycomine said it raised $33 million in a series B financing to advance into clinical studies its substrate replacement therapy for PMM2-CDG, the most prevalent form of congenital diseases of glycosylation.
Novo Holdings led the round, which included funding from new investors Asahi Kasei Pharma and Mission Bay Capital. Existing investors Sanderling and Chiesi Ventures also participated in the financing.
Peter McWilliams, who has served as acting CEO and a director of Glycomine, will join the company as its full-time CEO now that the financing is complete. In connection with the financing, Kenneth Harrison, principal of Novo Ventures will join the Glycomine board along with Chris Starr, the co-founder of BioMarin and Raptor Pharmaceuticals.
PMM2-CDG causes 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. 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.
“Glycomine’s novel therapy offers great promise to address a critical unmet medical need,” said Novo Ventures’ Harrison. “We believe that Glycomine’s approach has potential to directly address many of the most debilitating symptoms of PMM2-CDG.”
Photo: Peter McWilliams, CEO of Glycomine