Th heart disease treatment developer has secured $248m in funding since being formed to exploit UT Southwestern and Gladstone Institute research.

Tenaya Therapeutics, a US-based developer of therapies for heart disease based on Gladstone Institutes and University of Texas Southwestern Medical Center research, has filed for an initial public offering. The company intends to float on the Nasdaq Stock Market and set a $100m placeholder target for the offering. Tenaya is developing treatments utilising cellular regeneration, gene therapy and precision medicine for a variety of health conditions affecting the heart. The company will use the IPO proceeds to advance the development of drug candidates including TN-201, a gene therapy being developed to treat genetic hypertrophic cardiomyopathy, a genetic condition in which the muscles of the heart thicken, making it hard for blood to be pumped through the body normally. The offering comes after at least $248m in funding since Tenaya was founded in 2016. Technology group Alphabet’s GV subsidiary contributed to a $106m series C round for the company in March 2021 that was led by RTW Investments. All the company’s existing backers took part in that round, as did investment and financial services group Fidelity, RA Capital Management, Column Group, Casdin Capital and funds and accounts advised by T Rowe Price. Tenaya received $92m in a late 2019 series B round led by Casdin Capital and backed by GV, Column Group and undisclosed new and existing investors. It had also picked up $50m in a 2016 series A led by Column Group. Column Group is the largest Tenaya shareholder, with a 34.4% stake, while its other major investors include Casdin Capital (10%), SymBiosis II, a vehicle owned by Thomas Layton Walton (7.3%), Fidelity (5.9%) and RTW Investments 5.9%. Morgan Stanley, Cowen, Piper Sandler and Chardan Capital Markets are the underwriters for the proposed offering. – A version of this article first appeared on our sister site, Global Corporate Venturing.

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