US$62 million to advance drug candidate for hearing loss
Frequency Therapeutics (MA, USA), specialists in clinical-stage biotechnology products, has completed financing US$62 million for their Series C project.
Frequency Therapeutics (MA, USA) has announced the completion of their Series C financing of US$62 million. The funds will support the clinical development of an advanced small-molecule-based therapy — FX-322 — that has potential for treating sensorineural hearing loss, as the product is progressed towards Phase IIa clinical trial.
The proceeds will also contribute towards the advance discovery programs employing the Progenitor Cell Activation (PCA) platform in various other therapeutic fields.
The completion of the Series C funding — financed by Perceptive Advisors (NY, USA) and a syndicate of new and existing investors — will raise Frequency Therapeutics’ total equity funds to US$147 million.
David Lucchino, President and CEO of Frequency Therapeutics, commented: “This financing comes at an important time for Frequency as we prepare to advance our lead clinical candidate, FX-322, into a Phase IIa study of sensorineural hearing loss, a condition for which there are no approved therapies.”
Finalization of Series C financing follows another recent announcement by Frequency Therapeutics concerning their collaboration with Astellas Pharma (Tokyo, Japan) to increase the extra-USA, global development and marketing of FX-322. This comprises investments totaling over US$600 million.
FX-322 comprises multiple small-molecule drugs and induces PCA and subsequent regeneration of progenitor cells of the inner ear. This generates new hair cells and improves hearing.
Marc Cohen, Executive Chairman of Frequency Therapeutics, added: “We are excited by the potential in the company’s PCA platform to produce a new class of medicines and by the new and existing investors who continue to support our efforts to develop transformative therapies for patients.”
Source:
https://www.frequencytx.com/news-events/news-events-press-release-07-23-2019.php