Rare Daily Staff
Goldfinch Bio, which raised $100 million in 2020 to advance development of experimental therapies for rare and metabolic kidney diseases, is shutting down after it was unable to raise additional capital, according to a report in Fierce Biotech.
Fierce attributed the story to Goldfinch CEO Tony Johnson and Chief Financial and Operating Officer Kyle Kuvalanka.
The company is now in an assignment for the benefit of creditors in Delaware court.
Goldfinch also entered into a collaboration with Gilead Sciences in 2019 to discover, develop, and commercialize therapies for diabetic kidney disease and certain rare kidney diseases with a $55 million upfront payment and nearly $2 billion in potential milestones.
The company released data on its lead experimental therapy GFB-887 from a phase 2 study in patients with focal segmental glomerulosclerosis (FSGS), a rare disorder characterized by progressive scarring of the kidney that leads to end-stage kidney disease, and diabetic nephropathy. The two diseases are often driven by over-activation of the TRPC5-Rac1 pathway. The study showed it benefitted patients with FSGS, but not those with diabetic nephropathy. The study was terminated in November 2022 due to business reasons, Fierce reported.
Stay Connected
Sign up for updates straight to your inbox.