Limelight Bio Secures $75 Million in New Funding to Advance Gene Therapies for Multiple Genetic Disorders

VCBeat (WeChat ID: vcbeat) has learned that on December 5, 2019, biopharmaceutical company Limelight Bio completed a new round of financing amounting to $75 million. This round was led by the life sciences innovation fund Apple Tree Partners (ATP). It is reported that Limelight Bio intends to use these funds to continue the development of its gene therapies.

Limelight Bio, founded in 2017 and headquartered in Philadelphia, Pennsylvania, and Cambridge, Massachusetts, aims to overcome the major limitations of current gene therapy and gene editing approaches, thereby expanding the range of diseases treatable with gene therapy. Its initial areas of focus include severe retinal diseases, blood/metabolic disorders, neurological conditions, and hearing loss.

Limelight Bio is building an industry-leading platform to develop proprietary technologies, identify advanced targets and drug candidates, with the aim of treating a broader range of diseases for more patients. The company is pioneering gene correction in previously unexplored areas, including proprietary methods that address large genetic defects regardless of gene size or mutation patterns, thereby avoiding permanent genomic alterations.

The company’s founders include Jean Bennett, M.D., Co-Director of the CAROT Program at the University of Pennsylvania Perelman School of Medicine, and Phil Johnson, former Chief Scientific Officer at Children’s Hospital of Philadelphia. Dr. Phil Johnson has been dedicated to developing novel therapies in vaccines, virology, and gene therapy, and has facilitated FDA approval and market launch of these products.

Dr. Mike Ehlers, CEO of Limelight Bio, stated, “In recent years, gene therapy has made significant strides, particularly in gene replacement using adeno-associated virus (AAV) vectors; however, most genetic diseases cannot be addressed with this approach. The technology platform being developed by Limelight Bio seeks to treat diseases of genetic origin in a broadly applicable, scalable, and patient-centric manner. We are eager to accelerate scientific research to develop multiple drug candidates for conditions that currently lack adequate treatment options.”

Dr. Bennett stated, “Limelight Bio’s technology holds immense potential to transform gene therapy, far surpassing current capabilities. With these advanced tools and techniques, we can now directly investigate the origins of the most complex genetic diseases, which may lay the foundation for the development of novel therapeutics.”

Seth Harrison, MD, Managing Partner at ATP, stated, “We believe Limelight Bio has the potential to surpass current gene therapy and gene editing approaches to address a broader range of genetic diseases. With Mike Ehlers assuming the role of Chief Executive Officer, we have strengthened our leadership in research and development. We view Limelight Bio’s technology as groundbreaking and have established the first gene therapy-based pharmaceutical company.”

ATP, founded in 1999, is a venture capital firm based in New York, USA, dedicated to investing in the biotechnology, pharmaceutical, and healthcare sectors. With $2.5 billion in assets and available capital, the company operates on a global scale. ATP collaborates with the most innovative life scientists worldwide, providing capital, expertise, and operational intelligence to build new companies and generate long-term value.

(Compiled by Jiang Ying)