Avrobio, a leading name in the healthcare & medical devices industry, has recently announced that it has successfully raised USD 60 million in Series B financing round. The medical behemoth that develops transformative and life changing gene therapies for rare diseases states that through this investment, the company plans to expand its proprietary lentiviral platform and support its gene therapy pipeline.
According to MedCityNews, the raise in Series B round was co-led by a Citadel company – Surveyor Capital and Cormorant Asset Management. The round also witnessed the participation of Aisling, Eventide, Morningside, Brace Pharma Capital, Morningside and Leerink Partners with existing investors SV Health Investors, Atlas Venture, and Clarus Ventures.
With the proceeds from the financing, Avrobio says that it will soon commence its Phase 2 study testing in Fabry disease gene therapy. The move is expected to have a substantial impact on overall healthcare and medical devices industry share, as the company is exclusively emphasizing on delivering gene therapy to diagnose and treat the Fabry disease – a genetic disorder with key enzyme deficiency that leads to a life threatening fatty buildup in the body.
For the record, Avrobio has attained a leading position in the healthcare and medical devices industry since long, leveraging on its lentiviral platform that focuses on developing gene therapies for lysosomal storage diseases. Avrobio’s lentiviral vector platform which includes unique manufacturing processes, gene therapy know-how tools, and patented technology is designed to deliver permanent genomic integration by adding genes into patients own cells, thereby resulting into long term curative benefits for patients.
Industry experts cite that Avrobio’s gene therapy treatment has marked a breakthrough in the healthcare and medical devices industry and is expected to secure competitive gains with respect to delivering patient convenience and cost efficiency.
By middle of 2019, Avrobio is also planning to deliver potential treatments of two other prominent gene therapy candidates – cystinosis & Gaucher disease, cite sources.