1:10 PM
Oct 09, 2018
 |  BC Extra  |  Financial News

Polaris, Arch co-lead series A for MIT spinout Glympse

With $22 million in new series A funding, Glympse Bio Inc. (Cambridge, Mass.) plans to start clinical testing by mid-2019 of its bio-engineered diagnostic for non-alcoholic steatohepatitis (NASH). Glympse is developing injectable bio-engineered activity sensors that emit a signal detectable in urine for diagnostic and drug monitoring purposes.

Polaris Partners and Arch Venture Partners co-led the untranched series A round, announced Tuesday. Also participating were new investors Charles River Ventures, Gilead Sciences Inc. (NASDAQ:GILD), Yonghua Capital and Inevitable Ventures, along with existing investors GreatPoint Ventures, Heritage Provider Network and Rivas Capital.

Glympse co-founder Sangeeta Bhatia told BioCentury the company expects the funding to last until mid-2020. The biotech's lead indication is NASH, with a first-in-human Phase I trial slated for mid-2019. Glympse also said it has NASH partnerships with multiple undisclosed pharmaceutical companies, but declined to provide details.

Bhatia is a professor of health sciences and technology, electrical engineering and computer science at the Massachusetts Institute of Technology and director of the Marble Center for Cancer Nanomedicine at the Koch Institute for Integrative Cancer Research at MIT.

The company, which spun out of MIT in 2015, raised a $6.6 million seed round led by Kiran Mazumdar-Shaw and Theresia Gouw. Mazumdar-Shaw is chairperson and managing director at Biocon Ltd. (NSE:BIOCON; BSE:532523) and Gouw is a founding partner at Aspect Ventures.

Gouw, Polaris' Amy Schulman and Binx Health Inc. (Trowbridge, U.K.) Chairman Stan Lapidus joined Glympse's board.

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