The Venture Codex

Participated · Series B · Sep 2015

Corvus Pharmaceuticals is a clinical-stage biopharmaceutical company focused on developing small molecule and antibody agents that target the immune system to treat patients with cancer. Its programs aim to block or modify crucial immune checkpoints and reprogram T cells. The company has an oral small molecule checkpoint inhibitor advancing toward clinic, with a Phase 1B trial scheduled to begin in the first quarter of 2016 and an expansion cohort to test the inhibitor alone and in combination with another checkpoint inhibitor in several cancer types. Corvus plans to use proceeds from the financing to expand its research and development programs across multiple immuno-oncology assets and to initiate a multicenter Phase 1B trial. The company completed a $75 million Series B financing. It is based in Burlingame, California.

Participated · Series C · Aug 2015

Syndax Pharmaceuticals is focused on treating cancer and develops entinostat, an oral small‑molecule drug candidate with direct effects on both cancer cells and immune regulatory cells. Entinostat is intended to potentially enhance the body’s immune response across multiple cancer indications. The company’s initial clinical focus includes tumors that have shown sensitivity to immunotherapy, including lung cancer, melanoma and triple‑negative breast cancer. Entinostat is being evaluated in combination with Merck’s anti‑PD‑1 inhibitor KEYTRUDA (pembrolizumab) in a Phase 1b/2 trial for patients with advanced non‑small cell lung cancer or melanoma. It is also being evaluated in a pivotal Phase 3 trial in combination with Aromasin (exemestane) to treat advanced HR+ breast cancer. Syndax is led by CEO Briggs Morrison, M.D., and Chairman Dennis Podlesak and is based in Waltham, Massachusetts. The company closed an $80M Series C to support continued development of entinostat. Syndax is developing entinostat, an oral, weekly or bi-weekly selective histone deacetylase (HDAC) inhibitor intended to treat treatment-resistant cancers. Entinostat has been described in the S-1 as well-tolerated in clinical trials to date and acts on epigenetic regulation of gene expression. The drug received FDA breakthrough therapy designation based on Phase IIB data in metastatic breast cancer and the company began a Phase III trial in June, expected to complete by mid-2017. Syndax has several other Phase II and Phase I breast cancer trials ongoing and is also testing entinostat in lung cancer. The company is collaborating with the National Cancer Institute on development. Financially, Syndax recently raised about $5 million in debt financing and has refiled for an IPO to raise $60 million. Syndax Pharmaceuticals develops epigenetic-based combination therapies targeting treatment-resistant cancers. It holds worldwide rights to entinostat, an oral, highly selective histone deacetylase (HDAC) inhibitor in late-stage clinical development for advanced breast and lung cancers. The company plans to use the financing to advance its late-stage pipeline and to support activities preparing for an NDA-enabling Phase 3 study of entinostat in metastatic breast cancer. That Phase 3 study is being developed by the ECOG-ACRIN Cancer Research Group under sponsorship of the Division of Cancer Treatment and Diagnosis, National Cancer Institute (NCI). Led by CEO Arlene M. Morris, Syndax is pursuing registration-directed clinical work for entinostat. Founded in 2007 and based in Waltham, MA, the company has raised $81.6M to date. Syndax Pharmaceuticals is a Waltham, MA-based clinical-stage epigenetics oncology company formed in 2005. Its lead program is entinostat, a class I isoform selective HDAC inhibitor being developed for advanced and metastatic breast cancer. The company's intellectual property is based on work from scientific founder Ronald Evans, PhD, a professor at the Salk Institute and a Howard Hughes Medical Institute Investigator. Syndax issued $6m in convertible notes and warrants to its Series A investors in the reported financing. All existing Series A investors—Domain Associates, MPM Capital, Avalon Ventures, Forward Ventures, Pappas Ventures and MC Life Sciences—participated in the securities offering. The financing brings total investment to date to $55m and will be used to complete a randomized Phase 2 study of entinostat.

Participated · Series B · Aug 2015

WAVE Life Sciences uses a proprietary synthetic chemistry platform to design stereopure nucleic acid therapeutics that precisely target underlying causes of rare genetic disorders. Its pipeline spans multiple oligonucleotide modalities, including antisense, exon-skipping and single-stranded RNAi, and includes allele-specific programs aimed at gain-of-function orphan diseases. The company says its stereopure chemistry eliminates complex stereoisomer mixtures to improve activity, stability, specificity and immunogenicity while reducing safety risks. WAVE is advancing candidates for Huntington’s disease and Duchenne muscular dystrophy and plans to file its first INDs by the end of 2016. Financially, the company recently completed an oversubscribed $66 million Series B preferred stock financing to fund continued platform development and pipeline advancement. WaVe Life Sciences develops stereopure nucleic acid therapeutics using a platform that produces single, precisely defined oligonucleotide structures with purportedly enhanced pharmaceutical properties versus conventional mixtures. Its chemistry is programmable during synthesis and applies across antisense, siRNA, mRNA and microRNA modalities. The company's pipeline includes antisense and exon-skipping drug candidates targeting diseases across multiple therapeutic areas and enables allele-specific targeting. WaVe plans to advance its programs through preclinical development and to continue strengthening its core technology capabilities. It maintains R&D facilities in Boston and Japan and was founded by Gregory Verdine and Takeshi Wada. The company recently closed an $18 million Series A to fund advancement of its pipeline.

Participated · Series B · Aug 2015

Ovid Therapeutics focuses on developing therapies for rare and orphan neurological diseases, with lead candidate OV101 targeted at Angelman syndrome and Fragile X syndrome. The company planned Phase 2 clinical testing of OV101 in both patient groups in 2016. Ovid intends to use recent financing to advance OV101 and several other internal compounds into clinical testing and to further expand its pipeline. The company is privately held and emphasizes patient-focused development, corporate partnerships, and business development to build a multi-product neurology company. Management stated the financing will provide significant latitude for business and corporate development initiatives and to accelerate Ovid’s programs. Ovid Therapeutics is a stealth neuroscience company based in New York that the press describes as extremely private and focused on neurology. The company recently filed a regulatory document showing a $5 million raise. Leadership named in coverage includes CEO Matthew During and chairman Jeremy Levin, former Teva CEO, who has said he will disclose more about the company in the coming weeks. Coverage links Ovid to the Foundation for Angelman Syndrome Therapeutics (FAST), an association that dates to 2012, though the article notes biotechs often pivot and does not confirm the company’s indication. The firm is described as backed by significant private equity funds. The article does not disclose product details, financing instrument, operating metrics, or other financial specifics beyond the $5 million filing.

Participated · Series B · Aug 2015

Editas Medicine develops genome-editing therapeutics using CRISPR/Cas9 and TALENs to make targeted, corrective molecular modifications to treat genetic diseases. The company says recent advances in these technologies enable precise on/off or editing of disease‑causing genes. Editas’s stated mission is to translate its genome editing platform into a novel class of human therapeutics. It will use the new funding to develop its platform and advance multiple therapies toward clinical trials, according to CEO Katrine Bosley. Editas is based in Cambridge and was founded in 2013. The company previously raised $43 million in a Series A and counts those investors among participants in the newest financing. Editas Medicine is a genome-editing company based in Cambridge, MA focused on developing viable human therapeutic products. The company leverages patent filings and intellectual property covering foundational genome editing technologies as well as essential advancements and enablements. Its core work centers on translating those platform technologies into therapeutic candidates. Editas was founded by Feng Zhang, George Church, Jennifer Doudna, Keith Joung and David Liu. The management team at the time included Kevin Bitterman (interim president), Alexandra Glucksmann (interim COO) and Lou Tartaglia (interim CSO), and the board included Alexis Borisy, Douglas Cole and Terry McGuire. The company secured a $43M Series A financing to advance its programs.