GenEdit Enters Collaboration with Genentech, Raises $24 Million
January 23, 2024
Rare Daily Staff
GenEdit completed a $24 million series A1 venture round as it entered into a collaboration and license agreement to use its platform technology to discover and develop novel nanoparticles for Genentech to use in its genetic medicines.
GenEdit will collaborate with Genentech to discover and develop hydrophilic nanoparticles (HNPs) that can be used to develop nucleic acid-based medicines for autoimmune indications. Genentech will be responsible for preclinical, clinical, and regulatory development as well as commercialization of products resulting from the use of GenEdit’s nanoparticles.
Under the terms of the agreement, Genentech will pay GenEdit $15 million up front and GenEdit will be eligible to receive up to $629 million in near-term, preclinical and clinical development, commercial, and net sales milestone payments over the course of the collaboration as well as tiered royalties on global net sales for resulting products.
“The bottleneck for developing new genetic medicines continues to be delivery,” said Kunwoo Lee, CEO of GenEdit. “The ability of our HNPs to carry diverse payloads to diverse tissues has the potential to be an enabling technology for genetic medicines.”
Separately, GenEdit announced its latest funding round. Existing investors Eli Lilly, Sequoia Capital, Korea Investment Partners, Woori Venture Partners, DAYLI Partners, KB Investment, IMM Investment and TIMEFOLIO Asset Management are joined by new investors KDB Silicon Valley, Mirae Asset Venture Investment, ACVC, Pathway Partners, LoftyRock Investment, Terra VC, K2 Investment, Dong-A ST, KIMCO, and Huons.
The funding will support continued development of the GenEdit’s NanoGalaxy platform and a pipeline of preclinical therapeutic candidates. The NanoGalaxy platform includes thousands of chemically distinct hydrophilic nanoparticles, each with unique properties making them amenable to targeting different tissues and cell types and carrying diverse genetic medicine payloads.
GenEdit has demonstrated in vivo delivery of siRNA, mRNA, and gene editors to the nervous, immune, and other extra-hepatic systems and is pursuing multiple therapeutic areas through internal and partnered programs.
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