Recode decodes $80m series A

Recode Therapeutics, a US-based biopharmaceutical spinout of University of Texas (UT) Southwestern Medical Center, closed an oversubscribed $80m series A round yesterday backed by spinout-focused investment firm Osage University Partners.
OrbiMed Advisors and Colt Ventures co-led the round, which also featured MPM Capital, Vida Ventures and Hunt Technology Ventures.
Founded in 2015, Recode Therapeutics is working on precision medicines for genetic respiratory diseases, including conditions caused by nonsense mutations – a class of genetic mutations that result in non-functional or poorly functional proteins.
Recode commercialises work by professors Daniel Siegwart and Philip Thomas, as well as Thomas’ then postdoctoral researcher Michael Torres, at UT Southwestern, together with professor emeritus Arthur Johnson from Texas A&M University.
Its two lead programs are aimed at primary ciliary dyskinesia, which affects the sinuses, ears and lungs, and nonsense mutations in cystic fibrosis.
The money will go towards the preclinical development of both lead assets, with a view of filing investigational new drug applications for the proposed treatments in 2021. The company will also continue the development of its platform.
Peter Thompson, partner at OrbiMed, Ed Hurwitz, managing director at MPM, Helen Kim, managing director at Vida, and R.A. Session, chief business officer of BridgeBio’s gene therapy subsidiaries have joined the newly appointed board of directors.
David Lockhart, chief executive and president of Recode, and newly named vice-president of research and development Torres have also joined the board.
Recode Therapeutics previously raised $2m in seed funding between 2016 and February 2019, according to regulatory filings.