CAMBRIDGE, MA, DecImmune Therapeutics announced today that it has completed a $2.25 million equity financing.
DecImmune Therapeutics announced today that it has completed a $2.25 million equity financing. The financing is from a new investor Broadview Ventures, along with existing investors Astellas Venture Management and HealthCare Ventures. The new funds will enable rapid advancement toward IND filing for the company's proprietary antibody therapeutic to reduce tissue damage and improve ventricular function associated with myocardial infarction.
Regaining full function after a heart attack can be complicated by irreversible tissue damage and scar formation that leads to a significant loss in cardiac pumping efficiency. In a range of experimental models the company has shown it is possible to reduce damage to heart tissue by using their proprietary therapeutic antibody. In these models the reduction in damage to heart tissue results in pumping efficiency returning to normal levels. DecImmune is also investigating this targeted approach to reduce tissue damage for a range of other acute and chronic post-injury settings.
The funding announced today will support preclinical development of DecImmune's therapeutic program targeting heart failure as an adjunct to current standards of care. Heart attack remains the leading cause of death in the United States, responsible for 1.2 million deaths per year.
"Our lead monoclonal antibody has shown robust activity in a range of models of myocardial infarct," said Dr. Walter Newman, Chief Scientific Officer of DecImmune. "This funding sets the stage for completion of late stage preclinical studies as we advance toward IND filing."
"Broadview Ventures' core expertise lies in identifying and supporting the most promising cardiovascular and stroke related therapies," said Christopher Colecchi, Managing Director of Broadview Ventures. "We believe that DecImmune's novel therapeutic approach could have a major impact on the treatment of patients with cardiovascular disease."
About the DecImmune Therapeutics and the N2 Pathway
DecImmune Therapeutics was founded by Michael Carroll PhD (Boston Childrens' Hospital, Harvard Medical School), and Francis Moore Jr. MD (Brigham and Women's Hospital, Harvard Medical School). Drs. Moore and Carroll discovered the non-muscle myosin heavy chain II ("N2") cascade that is initiated following vascular injury. Shortly after expression of the N2 neoepitope on the cell surface in the vasculature, IgM components of the innate immune pathway bind and initiate the cascade responsible for localized tissue damage. DecImmune is developing an antibody-based therapeutic that can prevent tissue damage and preserve organ function by inhibiting activation of the N2 neoepitope in the innate autoimmune pathway.
About Astellas Venture Management
Astellas Venture Management's mission is to invest in emerging biotech companies that combine unique scientific capabilities with the potential for global market leadership and a management team driven by ambition for success of the company. To learn more about Astellas Venture Management please visit www.astellasventure.com
About Broadview Ventures
In 2008 the Leducq Family Trust established Broadview Ventures, Inc. Based in Boston, Broadview's mission is to accelerate the development of promising technology in cardiovascular and neurovascular disease through targeted investments in and support of early stage ventures. Please visit www.broadviewventures.com for more on Broadview Ventures.
About HealthCare Ventures
HealthCare Ventures is a leading life science venture capital firm investing in preclinical or early clinical stage, project-focused companies with the potential to transform patient care. To learn more about HealthCare Ventures, please visit www.hcven.com.
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