Civetta Therapeutics Secures $53 Million Series A Financing to Advance Proprietary Platform Targeting β-Propeller Proteins

VCBeat (WeChat ID: vcbeat) learned from Business Wire that on December 4, 2019, U.S. biotechnology company Civetta Therapeutics (“Civetta”) announced the completion of a $53 million Series A financing round, which was solely invested by U.S. investment advisory firm Deerfield Management (“Deerfield”).

This round of financing will be used to advance Civetta’s selected projects and develop a proprietary platform targeting propeller proteins.

Civetta is a biotechnology startup co-founded in early 2019 by Deerfield and Civetta’s founders, Dr. William Sellers and Dr. Eric Fischer, with Dr. Bruce Goldsmith serving as its interim Chief Executive Officer. Dr. Goldsmith, a Venture Partner at Deerfield, has recruited industry innovators in biology, chemistry, and other potential discovery fields to advance the company’s research programs.

Propeller proteins are structural scaffolds that mediate protein–protein interactions. These propeller proteins are ubiquitous across various cell types and play diverse roles in the pathogenesis of severe diseases such as cancer, neurodegeneration, and metabolic disorders. Civetta Therapeutics will adopt an integrated approach to identify key propeller protein targets underlying these diseases and advance therapeutic development by creating selective inhibitors or activators.

Dr. Eric Fischer stated, “Civetta’s vision is to enhance expertise in drug development within the propeller domain, spanning biochemistry, biology, and medicinal chemistry. These efforts may lead to near-term updates in therapeutic approaches, position Civetta as a leader in the field, and deliver long-term value for both the company and patients.”

Dr. William Sellers stated, “Although Civetta’s initial focus is on oncology, other disease areas will also be targeted. Similar to the synergies that benefit kinase drug discovery, it is foreseeable that insights gained through our platform could be more broadly applied to the search for propeller targets.”

Since the first quarter of 2019, Civetta has established its initial operational division at the Ipsen Innovation Center, leveraging seed funding and operational support from Deerfield. This Series A financing round will enable Civetta to further validate its platform, advance its flagship programs, secure a permanent facility, and expand its research team. Additionally, Civetta will gain scientific insights through proprietary technology licensing agreements with the Broad Institute and the Dana-Farber Cancer Institute.

Dr. Cameron Wheeler, Partner at Deerfield, stated, “We are pleased to announce our investment in Civetta Therapeutics, which has established a platform to explore a diverse array of structurally unique proteins and their roles in serious diseases. The team we have assembled boasts an outstanding track record, and we look forward to developing transformative therapies.”

Bruce Goldsmith stated, “Civetta’s research team is thrilled to explore propeller proteins, thereby developing novel therapies. We believe the company can develop new treatments that transform patients’ diseases.”

Deerfield Capital Management (DCM) is an investment advisory firm headquartered in Illinois. Founded in 1993, it primarily manages collateralized debt obligations (CDOs) and hedge funds. The firm mainly invests in government securities, investment-grade bonds, asset-backed securities, and bank loan portfolios, with assets under management exceeding $8 billion.

(Compiled by Wang Fang)