REGENXBIO Raises $30 Million in Series C Financing
Proceeds to Enable Clinical Development of Lead Gene Therapy Programs, Expansion of Clinical and Manufacturing Capabilities
WASHINGTON, Jan. 21, 2015 (GLOBE NEWSWIRE) -- REGENXBIO Inc., a leading biotechnology company in gene therapy, today announced the completion of a $30 million Series C financing. Venrock and Brookside Capital led the financing with participation from Deerfield Management and an unnamed new investor. The company's existing investors, FoxKiser and Fidelity BioSciences, also participated in the round. Camille Samuels, partner at Venrock, and Michael Gelman have joined REGENXBIO's board of directors.
REGENXBIO plans to use the proceeds to advance its lead programs through clinical development, build out its clinical and manufacturing infrastructure, and expand its team. REGENXBIO is leveraging its proprietary NAV(R) Technology to develop treatments for central nervous system (CNS) diseases such as Hurler Syndrome (MPS I) and Hunter Syndrome (MPS II), as well as other diseases in which gene therapy can make a meaningful difference in patients' lives.
"This Series C financing further validates our NAV Technology platform and facilitates our ability to bring life-changing gene therapies to patients suffering from serious diseases for which better treatment options are needed," said Ken Mills, President and CEO of REGENXBIO. "The proceeds will enable us to initiate clinical proof of concept data for our lead programs, which we plan to advance rapidly to registration, and allow us to remain opportunistic in regards to in-licensing new programs. In addition, the funds will be used to strengthen our clinical and manufacturing capabilities and team, making us well-positioned to develop and commercialize our pipeline of AAV gene therapy treatments."
"With its technological lead, IP, and strong leadership, REGENXBIO is uniquely positioned to lead the next generation of gene therapy companies," said Ms. Samuels. "I'm delighted to be joining the REGENXBIO board and to be given the opportunity to work with a great company to help patients."
REGENXBIO Inc. is the leading next-generation AAV gene therapy company, developing a new class of personalized therapies based on its proprietary NAV(R) Technology platform for a range of severe diseases with serious unmet needs. NAV Technology includes novel AAV vectors AAV7, AAV8, AAV9, and AAVrh10. REGENXBIO has enabled leading global partners including Baxter Healthcare, Fondazione Telethon, Audentes Therapeutics, Lysogene, Esteve, AveXis, AAVLife and Voyager Therapeutics to use its NAV Technology. In addition, together with Fidelity Biosciences, REGENXBIO formed Dimension Therapeutics, a company focused on the development and commercialization of NAV-based gene therapies for liver-directed rare diseases.
For more information about REGENXBIO, please visit www.regenxbio.com.