Novo and Sanofi have backed a series A round for Inozyme Pharma, which is developing treatments for rare diseases affecting infants based on research at Yale.
Inozyme Pharma, a US-based developer of medicines for rare infant diseases, closed a $49m series A round on Wednesday featuring pharmaceutical companies Novo and Sanofi.
Longitude Capital led the round, which also featured fellow venture capital firm New Enterprise Associates. The corporates invested through their respective corporate venturing subsidiaries, Novo Ventures and Sanofi Ventures.
Founded in 2016, Inozyme is using technology licensed from Yale University to develop enzyme replacement therapies to treat rare diseases in infants that involve the over-calcification of soft tissues and the under-mineralisation of bones.
The funding will be used to advance treatments Inozyme is developing to combat the conditions Generalised Arterial Calcification of Infancy and Autosomal Recessive Hypophosphatemic Rickets Type 2, into clinical trials.
Axel Bolte, co-founder, president and CEO of Inozyme, said: “Our mission is to develop potentially disease-modifying therapies to help children who are affected with rare but severe and debilitating disorders of metabolism. These patients have very poor treatment options.
“We have attracted a premier syndicate of healthcare investors who are committed to helping us achieve our goal and this funding positions us well to advance our therapeutic approach.”
Martin Edwards, senior partner at Novo Ventures, has joined Inozyme’s board of directors, which also includes Joseph Schlessinger, chair of the pharmacology department at Yale University School of Medicine as well as Bolte and Reinaldo Diaz of Longitude Capital and Ed Mathers of New Enterprise Associates..
– A version of this article first appeared on our sister site, Global Corporate Venturing.
