City Therapeutics, Inc., a biopharmaceutical company leading the future of RNA interference (RNAi)-based medicine, today announced the completion of a $99.5 million Series B financing. Viking Global Investors and Sofinnova Investments participated in the financing as new investors, along with Casdin Capital and NYBC Ventures, joined by existing investors ARCH Venture Partners, Fidelity Management & Research Company, Invus, Slate Path Capital, Rock Springs Capital, Regeneron Ventures, AN Ventures and other undisclosed investors.
Proceeds will be used to advance City Therapeutics’ pipeline of RNAi therapeutics, accelerate the company’s next-generation RNAi engineering platform, and support business development activities. The company recently initiated a Phase 1 clinical trial of CITY-FXI targeting Factor XI (FXI) for the treatment of thromboembolic diseases and announced positive preclinical data for CITY-RBP4, a potentially first-in-class RNAi therapy for Stargardt disease.
“This Series B financing reflects our substantial progress and the confidence our investors, both longstanding and new, have in the City Therapeutics team, platform and pipeline,” said Andy Orth, chief executive officer of City Therapeutics. “We have achieved multiple important milestones in the two years since our Series A financing, including advancing CITY-FXI to the clinic and completing major strategic collaborations with Bausch + Lomb and Biogen. With this capital, we are well-positioned to move two programs to clinical stage this year, including CITY-RBP4, and continue to validate our innovative RNAi platform.”
“City Therapeutics has assembled one of the most experienced and accomplished teams in RNAi and is executing on a compelling scientific vision,” said Rohan Nirody, managing director at Viking Global Investors. “We share their collective belief that RNAi can transform treatment for serious diseases and are proud to help enable the company’s progress in the clinic and with their next-generation RNAi platform.”
“This Series B financing reflects the exceptional progress our team has made in delivering on our mission to lead the next generation of RNAi-based medicines, and we are thrilled to expand our syndicate of outstanding investors,” said John Maraganore, Ph.D., co-founder and executive chairman of City Therapeutics. “The advances our team is making with our next-generation RNAi platform speak to the breadth of what is possible beyond traditional RNAi. Our innovative approach is expanding the reach of RNAi medicines into new programs and tissue types.”
Rohan Nirody, managing director at Viking Global Investors, and Maha Radhakrishnan, M.D., executive partner, private equity at Sofinnova Investments, will join the City Therapeutics board of directors as observers in connection with the Series B financing.
About City Therapeutics
City Therapeutics is a biopharmaceutical company harnessing its next-generation RNAi platform to improve and expand the reach of RNAi-based medicines. The company is building a pipeline of innovative RNAi therapeutics to make a significant impact for patients across multiple therapeutic areas. Co-founded by pioneering executives and scientists in RNAi, City Therapeutics is based in Cambridge, MA, and has raised over $230 million from leading life sciences investors. For more information, please visit us at www.citytx.com and follow us on LinkedIn.
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