Startup Funding News for the Day - Medtech sector

These are some US-based Medtech startups that raised funding today-

  1. MANA Therapeutics Raises US$ 35M in Series A
MANA Therapeutics

Founded in 2018, MANA Therapeutics is a clinical-stage company that creates nonengineered, off-the-shelf allogeneic cell therapies that target multiple cancer antigens. Its EDIFY™ platform develops a pipeline of proprietary and partnered off-the-shelf cell therapies for cancer patients across a broad range of liquid and solid tumours.

Founders: Marc Cohen

Funding raised: The company has raised US$ 35 million in Series A financing round.

Investors: The funding round was led by Cobro Ventures and Lightchain Capital, with participation from LifeSci Venture Partners and other undisclosed investors. Drew Dennison of Lightchain Capital has joined the MANA Board of Directors

What the CEO has to say: “This Series A funding is enabling rapid progress with our programs. We recently initiated our Phase 1 clinical trial for MANA-312 in relapsed/refractory AML with the goal of establishing single-agent activity and safety of higher and multiple doses along with the assessment of key efficacy biomarkers in the post-transplant setting. This important study with allogeneic donor-derived cell therapy is designed to inform and accelerate trials for our off-the-shelf allogeneic candidate, MANA-412, for which we plan to file an IND in late-2021,” said Martin Silverstein, M.D., President and CEO of MANA Therapeutics.

  1. DiCE Molecules Raises US$ 80M in Series C

DiCE Molecules is a biopharmaceutical company that leverages its proprietary DNA-encoded library platform to discover and develop next-generation therapeutics in immunology. Its drug discovery platform leverages a proprietary DNA-encoded library (DEL) technology, combined with unique structural insights, and generates small molecule antagonists against a range of protein-protein-interface (PPI) targets.

Founders: Kevin Judice and Phil Patten

Funding raised: DiCE completed its US$ 80 million Series C financing.

Investors: The funding led by RA Capital Management with participation from new investors including Eventide Asset Management, New Leaf Venture Partners, Soleus Capital, Driehaus Capital Management, Osage University Partners and Asymmetry Capital Management and existing investors Northpond Ventures, Sands Capital, Sanofi Ventures, Alexandria Venture Investments, Altitude Life Science Ventures and Agent Capital.

What the funding is for: The funds raised will help the company to support the progression of its first-in-class, oral IL-17 antagonist into clinical trials and enable the advancement and expansion of its preclinical portfolio of additional PPI antagonists.

What the CEO has to say: “We are thrilled to have the support of this stellar group of investors as we continue to advance important new medicines for patients suffering from debilitating autoimmune diseases. This financing will enable us to accelerate our lead IL-17 program through important milestones while advancing our other assets, including a pair of integrin inhibitors, and also expand our pipeline using the same combination of technology and structural insights. We believe the immunology space is underserved by current small molecule approaches and we are excited about the opportunity to advance next-generation therapeutics for this patient population,” said Kevin Judice, CEO of DiCE.

What the investors have to say: “We believe the DiCE team is poised to disrupt the multibillion-dollar IL-17 class with a molecule that combines a best-in-class efficacy and convenience profile. Beyond IL-17, we are excited to partner with the DiCE team and this high-quality investor syndicate to continue to identify and develop best-in-class oral molecules to disrupt biologic drugs across immunology indications,” said Jake Simson, Ph.D., Partner at RA Capital Management.

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