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Capacity Bio, For Which Remiges Ventures Was Founding Investor, Raised $35M
Capacity Bio, For Which Remiges Ventures Was Founding Investor, Raised $35M
03/31/2023
----------From the company's press release----------
CAPACITY BIO CLOSES $35M FINANCING TO ADVANCE MITOPHAGY PLATFORM
LOS ANGELES, CALIFORNIA – MARCH 31, 2023
Los Angeles, California, March 31, 2023 – Capacity Bio, Inc., a mitochondria-focused biotechnology company developing novel mitophagy modulators, announced today the close of a $35 million financing round. Leading life science investor RA Capital Management and Insight Partners co-led the financing and joined existing investor Remiges Ventures to support the acceleration of Capacity Bio’s first-in-class mitophagy agonist and is expected to enter clinical trials in 2024. The financing will also advance Capacity’s preclinical programs focused on new mitochondrial modulators.
A private, Los Angeles-based biotech company developing an innovative mitophagy therapeutic platform, Capacity Bio has discovered a novel cellular target that induces mitochondrial turnover, resulting in improved mitochondrial quality and performance. Capacity’s pipeline includes opportunities in neurodegenerative and autoimmune disorders, myopathies, and genetic orphan indications. Capacity Bio was seeded by Remiges Ventures’ founder and Managing Partner Taro Inaba. As part of this financing, Cristina Ghenoiu, PhD, Principal at RA Capital Management and Dylan Morris, Managing Director at Insight Partners joined the Board of Directors.
“This financing is an important milestone for Capacity Bio, and we are excited to have the support and partnership of such seasoned investors,” said Ken Horne, Chief Executive Officer of Capacity Bio. “It will progress our lead mitophagy agonist into the clinic, as well as expand our pipeline of mitochondrial modulators."
“Mitophagy is a fundamental biological process, and disruptions can drive pathology in numerous tissues. Thus, we are excited to collaborate with world-leading mitochondrial scientists and researchers to advance the platform and enable the clinical development of Capacity Bio’s novel small molecule drugs,” commented Dr. Ghenoiu.
Dylan Morris added: “Capacity Bio’s mitochondrial characterization platform has produced highly compelling assets for multiple diseases, and we are excited to support their growth into a clinical stage company. We believe Capacity’s programs are ideally suited to address multiple devastating diseases with huge unmet clinical need.”
“I am excited that Capacity is moving forward cutting-edge mitochondrial biology,” said Orian Shirihai, MD, PhD, co-founder and professor at University of California Los Angeles. “It is the product of 15 years of research by the scientific community into the mechanisms that allow our cells to maintain their functions under stress.”
ABOUT CAPACITY BIO
Capacity Bio is a private, Los Angeles-based biotech company developing a first-in-class mitophagy therapeutic platform, along with the most advanced analytical toolkit to characterize mitochondria. The team has discovered a novel cellular target that induces mitochondrial turnover, resulting in improved mitochondrial quality. Capacity’s pipeline includes opportunities in neurodegenerative and autoimmune disorders, myopathies, and genetic orphan indications.
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