Glycomine Secures $33 Million Series B Financing to Advance Replacement Therapy for PMM2-CDG, a Rare Congenital Disorder of Glycosylation

On August 7, 2019, VCBeat (WeChat ID: vcbeat) learned that biotechnology company Glycomine had completed a $33 million Series B financing round, with investors including Asahi Kasei Pharma Corporation, Mission Bay Capital, Sanderling Ventures, Chiesi Ventures, and Novo Ventures.

Previously, Glycomine completed a $1.2 million Series A financing round on November 16, 2016, with investors Chiesi Ventures and Sanderling Ventures.

Following this round of financing, Glycomine will further advance the development of replacement therapies for PMM2-CDG and enter early-stage clinical trials. PMM2-CDG is the most common form within the spectrum of congenital disorders of glycosylation (CDG). Dr. Kenneth Harrison of Novo Ventures will join the Glycomine board of directors, alongside Dr. Chris Starr, co-founder of BioMarin Pharmaceutical and Raptor Pharmaceuticals.

Glycomine, a biotechnology company headquartered in California, USA, is dedicated to developing alternative therapies for rare diseases. The company is developing drugs for rare monogenic metabolic disorders and protein misfolding abnormalities by combining substrates, enzymes, or proteins with delivery vectors composed of bionanomaterials or ligands to target the interior of cells in relevant organs. There are currently no other treatment options available for these conditions.

Dr. Peter McWilliams, CEO of Glycomine, stated, “This round of financing will enable us to make significant progress in our clinical development. We are delighted to have the support of such a knowledgeable and experienced investment team, and we thank them for their backing. We will continue to advance this therapy to help patients and families affected by this devastating disease.”

Dr. Kenneth Harrison of Novo Ventures stated, “We believe that Glycomine’s approach can treat many of the severe symptoms of PMM2-CDG.”

Dr. Chris Starr, co-founder of BioMarin Pharmaceutical and Raptor Pharmaceuticals, stated, “This is an exciting time. We are preparing for clinical trials, and this round of financing will further advance our research progress, offering the opportunity to make a significant positive impact in the CDG patient community.”

Asahi Kasei Pharma Corporation, founded in 1931 and headquartered in Tokyo, Japan, is committed to providing chemical and material science solutions for the chemicals market.

Mission Bay Ventures, founded in 2009 and headquartered in the United States, focuses on investing in early-stage startups, with a particular emphasis on the biotechnology and life sciences sectors.

Sanderling Ventures, founded in 1979 and headquartered in California, USA, specializes in investing in startups in the fields of biotechnology, life sciences, drug delivery, medical devices, and instruments.

Chiesi Ventures, headquartered in Boston, USA, focuses on investing in the field of rare diseases. The company provides research and development opportunities for rare disease treatments, aiming to improve the quality of diagnosis, disease management, care, and treatment for all patients with rare diseases.

Novo Ventures was established in 1999. Headquartered in Denmark, it focuses on investing in the medical and scientific research sectors in Scandinavia.

(Compiled by Hu Yifan)