Renovacor Secures $11M Series A Financing to Advance First-Ever Gene Therapy for Rare Cardiovascular Disease

On August 14, 2019, VCBeat (WeChat ID: vcbeat) learned from foreign media reports that biopharmaceutical company Renovacor announced the completion of an $11 million Series A financing round. The proceeds from this round will be used to advance the first-ever gene therapy for rare cardiovascular diseases, specifically by submitting an Investigational New Drug (IND) application to prepare for initiating human clinical trials in patients with dilated cardiomyopathy (DCM). The round was led by Novartis Venture Fund, with participation from Broadview Ventures, BioAdvance, New Leaf Venture Partners, and Innogest Capital.

Renovacor, headquartered in Philadelphia, USA, is a preclinical-stage biopharmaceutical company dedicated to developing therapies for cardiovascular diseases. Renovacor’s core technology is based on recombinant adeno-associated virus (AAV) gene therapy, primarily targeting patients with dilated cardiomyopathy (DCM) caused by BAG3 gene mutations. The company’s leading gene therapy product aims to restore cardiac function in patients with symptomatic heart failure resulting from BAG3 gene mutations.

It is reported that more than 3 million people in the United States suffer from dilated cardiomyopathy (DCM), and this number continues to rise. Many patients develop DCM as a consequence of ischemic heart disease. Recent studies have revealed that mutations in specific genes contribute to the pathogenesis of DCM; one such gene is BCL2-associated athanogene 3 (BAG3).

It is estimated that approximately 35,000 patients in the United States suffer from BAG3 haploinsufficiency, a condition designated as an orphan disease by the FDA. A similar number of patients with dilated cardiomyopathy (DCM) caused by BAG3 gene mutations are estimated to exist in Europe. These patients are typically younger and progress to end-stage heart failure earlier than those with ischemic heart disease. Currently, some DCM patients with BAG3 gene mutations are receiving standard treatment for heart failure. Despite improvements in pharmacological therapy and care, the five-year survival rate for DCM patients remains only 50%. Developing a BAG3 gene replacement therapy for DCM patients with BAG3 gene mutations could prevent the onset of this disease in healthy young individuals.

“For patients with cardiovascular disease who have specific genetic mutations, there are currently no precise medications available for treatment—a gap that Renovacor aims to address,” said Dr. Magdalene Cook, President and Chief Executive Officer of Renovacor. “We are bringing the first precision therapy for cardiovascular disease to market and are committed to transforming the treatment guidelines that have defined this field for over three decades.”

“Renovacor’s gene therapy is the only gene replacement therapy currently being conducted in patients with heart failure,” said Dr. Arthur M. Feldman, founder of Renovacor. “By replacing mutated genes, Renovacor’s potentially curative treatment aims to halt disease progression and save the lives of otherwise healthy young people.”

Novartis Venture Fund, established in 1996 and headquartered in Switzerland, invests across various therapeutic areas in the life sciences sector. It is dedicated to identifying companies with genuine innovative spirit and the potential to benefit patients. Currently, the fund manages over $800 million in assets.

BioAdvance, established in 2003 and headquartered in Philadelphia, Pennsylvania, is a $50 million early-stage life sciences fund. The fund partners with entrepreneurs in the Mid-Atlantic region to build robust companies with the potential to improve human health. Since its first investment in 2003, BioAdvance has provided $46.4 million in funding to 92 organizations, which have developed 122 products in the fields of diagnostics, therapeutics, medical technology, research tools, and digital health. BioAdvance’s portfolio companies have generated $2.78 billion in value, including proceeds from 12 acquisitions, with 11 products receiving FDA approval.

Broadview Ventures, established in 2008 and headquartered in Boston, Massachusetts, USA, is a venture capital fund. The fund is dedicated to investing in companies focused on cardiovascular and neurovascular diseases.

New Leaf Venture Partners, founded in 2005 and headquartered in New York, USA, is a venture capital firm dedicated to the fields of biopharmaceuticals, medical devices, and laboratory infrastructure technology.

Innogest is a venture capital firm founded in 2006, with offices in Turin, Milan, Geneva, and San Francisco. It manages investment funds totaling approximately €200 million, primarily investing in early-stage startups in the healthcare and digital sectors. Innogest collaborates with leading local and international research centers and technology transfer offices. In the healthcare sector, Innogest’s investment focus is on medical devices, diagnostics, and digital health, with particular emphasis on therapeutic areas such as cardiovascular disease, neurology, and oncology.

(Compiled by Cheng Tao)