Poseida Therapeutics Raises $110 Million
June 25, 2020
Rare Daily Staff
Poseida Therapeutics raised $110 million in a series D financing round led by funds advised by Fidelity Management Research Company, with participation by Adage Capital Management, Schonfeld Strategic Advisors, and a number of current investors.
The completed series D round comes just days after Poseida filed a prospectus for a $115 million initial public offering.
“This financing supports the approach we are taking to leverage our broad proprietary gene engineering platform technologies for the creation of numerous differentiated cell and gene therapy product candidates,” said Eric Ostertag, CEO of Poseida.
Poseida’s proprietary gene engineering platform technologies include a DNA modification system and a site-specific gene editing system, which are used to create a portfolio that includes allogeneic and autologous CAR-T product candidates in both hematological and solid tumor oncology indications, as well as liver-directed gene therapy programs in orphan genetic diseases.
The company’s lead product candidate is an autologous CAR-T therapy in phase 2 trials to treat multiple myeloma, a rare hematological cancer. Poseida’s two gene therapy programs, in preclinical development, target ornithine transcarbamylase deficiency (OTC) and methylmalonic acidemia (MMA).
OTC is a rare X-linked genetic disorder in which a deficiency of a liver enzyme leads to excessive buildup of ammonia in the blood, potentially resulting in acute and chronic neurological deficits and other toxicities.
Babies with the inherited disorder MMA are unable to process certain proteins and fats properly, which can cause life long problems including vomiting, dehydration, weak muscle tone, developmental delay, enlarged liver, and failure to thrive.
Photo: Eric Ostertag, CEO of Poseida
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