Casma Therapeutics announced the completion of a $50 million Series B financing. The financing was led by The Column Group (TCG) and added new investors Eventide Asset Management, LLC and Schroder Adveq, as well as other undisclosed institutional investors. Existing investor Third Rock Ventures also participated in the Series B. In connection with the financing, Millie Ray, Ph.D., from The Column Group, will join Casma’s Board of Directors. Finny Kuruvilla, M.D., Ph.D., chief investment officer of Eventide Asset Management, LLC will become a board observer.
The proceeds from the financing will allow Casma to advance their TRPML1 agonist program into development for muscular dystrophy, as well as continue to develop the Company’s Autophagy Degrader Platform (ADP). TRPML1 regulates the repair of the plasma membrane of muscle cells following damage, addressing the core pathology in multiple forms of muscular dystrophy. ADP is a novel approach for the degradation of multiple disease-causing targets. The autophagy system can degrade disease targets substantially larger and more diverse than those that rely on E3 ligase-based or proteasomal degradation approaches. By boosting autophagy, Casma expects to be able to arrest or reverse the progression of lysosomal storage disorders, muscle disorders, cancer, inflammatory disorders and neurodegeneration, among other indications.
“We are very excited to welcome TCG, Eventide Asset Management, LLC and Schroder Adveq as investors in Casma. We believe our investors’ strong focus on science, combined with their established position in the life sciences ecosystem, will aid us in continuing to forge ahead as pioneers in this novel area of biology,” said Keith Dionne, Ph.D., chief executive officer of Casma Therapeutics. “We look forward to the insight and leadership Drs. Ray and Kuruvilla will bring to Casma’s board.”
“TCG has been interested in the power of harnessing the autophagy-lysosomal pathway for some time and we are excited to help Casma advance multiple therapies toward the clinic and ultimately, the marketplace. I am looking forward to working with the Casma team on leveraging this powerful technology to create novel therapies for multiple unmet medical needs,” said Dr. Ray.