Promotes David L. McElligott, Ph.D. to Chief Scientific Officer
SEATTLE--(BUSINESS WIRE)-- Groove Biopharma (“Groove”), a privately held biotechnology company focused on the generation of novel microRNA (miRNA) based therapeutics announced today that it has raised $6 million in a Series B financing. Participating in the financing was Alexandria Venture Investments, ARCH Venture Partners, OVP Venture Partners, Versant Ventures, and WRF Capital. Proceeds from the financing will be used to bring forward development of Groove’s proprietary MGB-based miRNA delivery platform in multiple indications. The company also announced today that it has promoted David L. McElligott, Ph.D. to Chief Scientific Officer.
Micro RNA (miRNA) is a newly appreciated class of small RNA molecules that regulate the expression of a larger number of human genes. Many of the genes regulated by miRNA are pivotal in normal and pathological processes. Modulation of miRNA function therefore offers a new pathway for developing drugs for serious conditions such as cancer, infectious diseases, inflammation, fibrosis, and degenerative diseases. Groove is developing its proprietary technology to modify the qualitative and quantitative functionality of miRNA inhibitors. Groove has tested and demonstrated the potential of this technology both in in vitro and in vivo studies. Current efforts at Groove are primarily focused on the selection and validation of candidates for advanced preclinical testing and progression toward clinical development and IND enabling studies.
“We continue to be impressed by both the quality and quantity of data generated by the team at Groove since its founding in 2008,” stated Chad Waite, Managing Director at OVP Venture Partners. “We believe that the technologies being developed at Groove represents potentially game changing advancements in the field of miRNA delivery as well as other oligonucleotide-based therapeutics. David McElligott has recruited and led a strong team of dedicated and efficient professional scientists over the past three years and this promotion to Chief Scientific Officer is well deserved,” added Mr. Waite.
The company will continue to be housed at Accelerator Corporation, a privately held, venture capital-backed biotechnology investment and development company, in order to take advantage of in-house management expertise and financial efficiencies. “We are grateful to our investors for their continued support and confidence in Groove. We have been successful to date because of the hard work by the scientists at Groove and the unending support from Accelerator and our investors. We are very excited to move on to the next milestones and bringing forward a new class of therapies to patients in need,” said David L. McElligott, Ph.D, Chief Scientific Officer of Groove BioPharma.
In all, Accelerator companies have raised in excess of $193 million in initial and follow-on financings including graduates: VLST Corporation (2006), Theraclone Sciences (fka: Spaltudaq) (2007), Allozyne Inc. (2007) and Integrated Diagnostics (2009). Carl Weissman, Chairman and CEO of Accelerator and Managing Director with OVP, stated, “The Accelerator model continues to perform as we efficiently identify, evaluate, capitalize and develop early stage biotechnologies. Groove represents yet another example of our ability to find and develop novel and nascent biotechnologies.”
About Groove Biopharma
Founded by Accelerator Corporation in conjunction with Elitech Corporation (fka Nanogen) in 2008, Groove Biopharma (fka: Mirina Corporation) develops therapeutics using Minor Groove Binder Technology (MGB) to affect cellular processes involving microRNAs. Groove holds an exclusive license to the technology from Elitech for use in therapeutics. Elitech developed and patented novel methods for preparing oligonucleotides appended with chemical agents – that modify binding to target sequences in RNA or DNA. By incorporating this technology into miRNA therapeutics, Groove Biopharma’s novel MGB-oligonucleotide compounds are anticipated to exhibit superior properties, such as enhanced target selectivity, better potency, and improved pharmacological activity. Groove Biopharma’s technology presents promising potential for treating a wide range of diseases including cancers, infectious disease and metabolic disorders. For more information, please go to: www.groovebiopharma.com
About Accelerator Corporation
Accelerator Corporation, founded in 2003, is a privately held biotechnology investment and development company located in Seattle, Washington, USA. The company is building the next generation of life-enhancing biotechnology companies by providing the resources critical to accelerating the development of nascent leading-edge biotechnologies. These key resources, provided by global life science leaders – Amgen Ventures; ARCH Venture Partners; OVP Venture Partners; PPD, Inc.; Alexandria Venture Investments; WRF Capital; and the Institute for Systems Biology – include committed capital from top-tier venture capital firms, state-of-the-art facilities, world-class scientific and technical expertise and support, and experienced biotechnology start-up business management and support. For more information, please go to: www.acceleratorcorp.com
KEYWORDS: United States North America Washington
INDUSTRY KEYWORDS: Health Biotechnology