Metagenomi Adds $100 Million to Coffers to Advance Clinical Development and Grow Genetic Medicines Pipeline
January 5, 2023
Gene editing biotech Metagenomi added $100 million in a series B extension financing to bring total proceeds to $275 million.
Novo Holdings, Catalio Capital Management, and SymBiosis co-led the extension funding with participation from new and existing investors, including Leaps by Bayer and Moderna, as well as the initial series B leads PFM Health Sciences, Farallon Capital Management, and a leading global investment firm. More than 30 investment groups participated in the total series B financing of $275 million. Ray Camahort, partner at Novo Ventures, will join Metagenomi’s board as an observer in connection with the financing.
Metagenomi will use the new capital to advance its lead therapeutic programs through preclinical development and into clinical proof-of-concept. The company also plans to nominate additional therapeutic targets to its proprietary genetic medicines pipeline, fueled by its automated discovery engine and versatile gene editing toolbox, to expand into additional preclinical proof-of-concept studies.
Metagenomi’s proprietary suite of CRISPR-based gene editing systems applies computational algorithms to screen thousands of genomes from microorganisms around the world. The approach leverages big data and the science of metagenomics to quickly identify novel gene editing systems with properties that leapfrog first generation technologies. These include the capability to precisely edit genomes via single base changes, knockouts, or integrations, with lower potential for off-target effects.
“The closing of this series B extension financing is a testament to our significant progress over the past year. We further expanded our toolbox of wholly owned, next-generation gene editing technologies, embarked on our first nonhuman primate (NHP) in vivo gene editing proof-of-concept studies and strengthened our strategic business development alliances,” said Brian Thomas, CEO and founder of Metagenomi. “This additional capital gives us visibility on initial clinical milestones as well as an expanded pipeline of in vivo gene editing applications.”
Author: Rare Daily Staff
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