BOSTON, MA, Decibel Therapeutics today announced that it has raised $55M in a Series C financing.
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Decibel Therapeutics, a company dedicated to the discovery and development of breakthrough medicines to treat hearing loss and hearing-related disorders, today announced that it has raised $55M in a Series C financing. All existing investors, including Third Rock Ventures, GV, SR One, and Regeneron Pharmaceuticals, participated in the round, and were joined by new investors including Foresite Capital, Bessemer Venture Partners, Schroder Adveq, S-Cubed, Longevity, and additional undisclosed institutional investors. Proceeds from the financing will be used to advance Decibel's clinical and preclinical product candidates as well as to build out its comprehensive hearing drug discovery and development platform and capabilities.
"We are gratified by the support of our existing investors and delighted to be joined by a group of distinguished new investment partners who share our vision of building the world's leading hearing therapeutics company," said Steven Holtzman, President and Chief Executive Officer of Decibel. "Our new partners have track records of long-term commitments to building great companies, including following their private investments with meaningful participation in subsequent public financings."
In conjunction with this financing round, Dr. Anthony Philippakis, Venture Partner at GV, has joined the company's board of directors and George Scangos, CEO of Vir Biotechnology, has assumed the role of Chair of the board.
About Decibel Therapeutics, Inc.
Decibel Therapeutics has established the world's first comprehensive drug discovery, development, and translational research platform to discover and develop the first therapeutics to protect, repair, and restore hearing. To serve the over half billion people globally living with hearing loss and related disorders, Decibel is committed to creating a world in which the benefits and joys of hearing are available to all. Decibel is headquartered in Boston, Mass.