Edgewise Therapeutics Secures $50 Million Series B Financing to Advance Clinical Development of Therapies for Muscular Dystrophy

On September 18, 2019, VCBeat (WeChat ID: vcbeat) learned from foreign media reports that biotechnology company Edgewise Therapeutics had completed a $50 million Series B financing round. The round was led by Novo Holdings A/S and US Venture Partners (USVP), with participation from Deerfield Management, New Leaf Venture Partners, Cure Duchenne Ventures, and existing investor OrbiMed Advisors.

Upon closing of the transaction, Dr. Kenneth Harrison, Head of Novo Ventures, and Dr. Jonathan Root, General Partner at USVP, will join the Board of Directors of Edgewise Therapeutics. Dr. Robert Jackson, Partner and Chief Scientific Officer (CSO) at Deerfield Management, will join the Board as an observer.

Edgewise Therapeutics plans to use the proceeds from this financing round to advance its candidate products into clinical development for Duchenne muscular dystrophy (DMD) and Becker muscular dystrophy (BMD), and to expand its product pipeline.

Edgewise Therapeutics is a biotechnology company based in Boulder, Colorado, USA, that is developing first-in-class therapeutics for the treatment of high-prevalence musculoskeletal diseases.

Novo Holdings A/S is the holding company of the Novo Nordisk Foundation. Established in 1999, Novo Holdings A/S is responsible for managing the assets of the Novo Nordisk Foundation, which were valued at $60 billion in 2017.

USVP is a venture capital firm focused on investing in cybersecurity, enterprise software, e-commerce, healthcare, and IT-enabled healthcare services. Headquartered in Menlo Park, California, the United States, USVP has invested over $3.7 billion across multiple industries since its establishment in 1981.

DCM is a global fixed-income investment advisor, currently managing over $8 billion in assets. The firm focuses on investments in early-stage drug research, healthcare services, medical devices, and related fields.

New Leaf Venture Partners is a venture capital firm based in New York, USA, focusing on investments in healthcare technology companies. The company primarily concentrates on late-stage biopharmaceutical products, early-stage medical devices, and laboratory infrastructure technologies.

CureDuchenne Ventures is a company that provides funding for research into Duchenne muscular dystrophy (DMD). CureDuchenne Ventures collaborates with pharmaceutical and biotechnology companies to accelerate the development of therapies for DMD.

OrbiMed is a private equity firm headquartered in New York, USA, specializing in investments in the healthcare industry. Currently, the firm manages approximately $5 billion in assets.

(Compiled by Tian Shuhang)