9:17 AM
 | 
Aug 09, 2018
 |  BC Extra  |  Financial News

Novo Holdings leads Therachon's $60M round

Rare disease company Therachon AG (Basel, Switzerland) said it completed a $60 million mezzanine financing led by new investor Novo Holdings.

Fellow new investors Cowen Healthcare Investments, Pfizer Ventures and funds managed by Tekla Capital Management participated, as did existing investors Versant Ventures, OrbiMed, Bpifrance and Inserm Transfert Initiative.

CEO Luca Santarelli told BioCentury the company has raised $100 million to date, including $40 million in a series A round. He declined to disclose how much runway the mezzanine financing will give the company.

Therachon is developing lead candidate TA-46 as a once-weekly subcutaneous therapy for achondroplasia. The product is in a Phase I trial in healthy volunteers. The company expects to start Phase II testing of TA-46 in children with achondroplasia next year.

Therachon is also conducting the natural history Dreambird study to prospectively assess the burden of complications of the disease in about 200 children.

TA-46 is an engineered version of the extracellular ligand-binding domain of fibroblast growth factor receptor 3 (FGFR3; CD333) that binds free FGF and prevents it from acting on the hyperactive receptor to inhibit growth (see "Competing for Growth").

Novo Holdings' Jørgen Søberg Petersen and Cowen's Timothy Anderson joined Therachon's board.

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