Dicerna Pharmaceuticals, a Second Generation RNA Interference Company, Completes Second Closing of Series A Financing; Unveils Strategic Focus
2008-07-15 06:30:00
– Company Adds New Investor Abingworth –
CAMBRIDGE, Mass.–(EMWNews)–Dicerna Pharmaceuticals, Inc. (www.dicerna.com),
an RNA interference company developing novel therapeutics utilizing
proprietary Dicer Substrate Technology™, today
announced a second closing of its Series A financing, receiving a total
of $8.4 million in additional venture capital from new investor
Abingworth and existing investors Oxford Bioscience Partners and Skyline
Ventures. With this additional capital, Dicerna has completed a $21.4
million Series A financing round. Pursuant to this second closing,
Vincent J. Miles, Ph.D., venture partner at Abingworth has joined
Dicerna’s board of directors. Prior to Abingworth, Dr. Miles was senior
vice president of business development at Alnylam Pharmaceuticals, an
Abingworth portfolio company.
In addition, Dicerna announced its strategic focus in the therapeutic
areas of oncology, metabolic diseases and hepatitis C infection (HCV).
Proceeds from this fundraising will support the advancement of Dicerna’s
pipeline of RNAi-targeted drugs in these disease areas. In addition to
these internal focus areas, Dicerna expects to broadly utilize its Dicer
Substrate Technology in several additional therapeutic areas, such as
inflammation, immunology, cardiology, and others, through collaborations
with pharmaceutical and biotechnology companies.
“Dicerna’s platform
opens a second doorway into the RNAi space, distinct from current
approaches in terms of both biological pathway and intellectual property,”
stated Doug Fambrough, Ph.D., of Oxford Bioscience Partners, and
co-founder and chairman of Dicerna. “Dicer
Substrates represent a second generation of RNAi technology with greater
potency, longer duration of action and enhanced potential for
facilitated delivery, making previously undruggable targets accessible.”
James C. Jenson, Ph.D., chief executive officer and co-founder of
Dicerna, stated, “We are thrilled to welcome
such a highly regarded investor as Abingworth in this financing. In
addition, Dr. Miles’ deep operating experience
in the biotechnology industry – and
familiarity with RNAi – is a tremendous asset
and complement to our existing capabilities.”
“Dicerna’s Dicer
Substrate Technology offers a new avenue to harness gene silencing and
address the entire transcriptome for drug development,”
stated Dr. Miles. “Abingworth is excited to
be a part of the Dicerna team, and we look forward to helping the
company maximize the potential of this technology to develop novel,
potent and selective drug candidates for important unmet medical needs.”
About RNAi
First described in plants and then in worms, flies and higher organisms,
RNAi works differently in mammals because of the activity of Dicer, a
key enzyme involved in the processing of double-stranded RNA into siRNA.
In humans, Dicer optimally processes double-stranded RNA
oligonucleotides of 25 to 30 base pairs, resulting in a 5-to-100-fold
more potent activity and longer duration of action.
About Dicerna
Dicerna Pharmaceuticals is a private, venture-backed RNAi-focused
biopharmaceutical company developing novel therapeutic agents in
multiple disease areas based on its proprietary Dicer Substrate
Technology platform. Dicerna is developing novel RNAi-based therapies
that use an earlier step in the gene silencing process, namely the
engagement of the enzyme Dicer, which is a natural initiation point for
the RNAi cascade. This approach results in the knockdown of expression
of a targeted gene in a way that is highly selective, specific and more
potent than other RNAi approaches. The Dicer Substrate Technology is
based on intellectual property that is both broadly enabling and
distinct from other IP in the field. Dicerna is based in Cambridge,
Massachusetts. For more information, please visit www.dicerna.com.
About Abingworth
Abingworth is an international life sciences investment firm active on
both sides of the Atlantic with offices in London, Cambridge (UK), Menlo
Park (California) and Boston. Founded in 1973, the company invests
across all stages of development, including early-stage as well as
public companies. Abingworth has provided backing for more than 100
unquoted life science businesses. Over 70% of these have gone public or
have merged or been acquired. Abingworth has funds under management of
over $1.4 billion. For more information, please visit www.abingworth.com.
About Oxford Bioscience Partners
Oxford Bioscience Partners (OBP), established in 1992, is a venture
capital firm that provides equity financing and management assistance to
emerging, entrepreneurial-driven companies within the life sciences and
healthcare sectors. Experienced partners, who bring together deep domain
knowledge in life sciences, have established a proven track record of
identifying, validating and backing emerging trends and technologies.
While willing to consider an investment in a company at almost any
stage, OBP brings unique value and expertise to early-stage situations.
With approximately $1B of committed capital under management, OBP has
invested in over 140 life science companies worldwide, and has
successfully leveraged the extensive research, operating, and financial
expertise and experience of its team of investment professionals. For
more information, please visit www.oxbio.com.
About Skyline Ventures
Skyline Ventures, formed in 1997, is a nationally-known venture capital
firm that specializes in hands on investing in outstanding
product-focused healthcare companies. Areas of investment interest
include small molecule and protein therapeutics; medical devices; and
technologies that facilitate drug discovery and life science research.
In 2007 Skyline raised Skyline V, which has $350 million in committed
capital, and the firm has approximately $800 million under management.
For more information, visit www.skylineventures.com.
Dicerna Pharmaceuticals, Inc. & Chief Business Officer Rozen, 617-730-8284 |
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