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Obsidian Therapeutics Closes $115 mln Series B Round

Obsidian Therapeutics, a biotechnology startup based in Cambridge, has closed a $115 million Series B funding round to pioneer gene therapies.

The round was led by The Column Group Crossover Fund (TCGX) and had participation from RA Capital Management, Surveyor Capital (a Citadel company), Cowen Healthcare Investments, Deep Track Capital, Logos Capital, Pivotal BioVenture Partners, Samsara BioCapital, and Soleus Capital. With this round, the total funding raised by the startup has incremented to $165 million.

Cariad Chester, a Partner at TCGX who will join the startup’s Board of Directors as a result of the round, referred to the firm’s participation by stating:

“Obsidian’s cytoTIL15 therapy has the potential to be paradigm-shifting for patients with solid tumors. By engineering TILs with membrane-bound IL15, cytoTIL15 have the potential to drive improved efficacy as well as eliminate the need for toxic and costly concomitant IL2 therapy. We are thrilled to support the Obsidian team as they pave the way for cytoTIL15 and the next generation of ‘TIL 2.0’ therapies.”

The funding will allow Obsidian Therapeutics to continue developing its lead tumor-infiltrating lymphocyte (TIL) program, cytoTIL15, which is set to enter into the clinical trials to obtain essential data for the treatment of metastatic melanoma. Obsidian also expects to expand its technology to treat other types of solid tumors, advancing commercial manufacturing to supply the existing demand. Paul Wotton, CEO of Obsidian, said about this use:

“With this funding, we will continue to advance our transformative cytoTIL15 program into clinical studies to treat patients suffering from solid tumors and to further expand our pipeline of engineered TIL therapies. We are pleased to have the support and partnership from this syndicate of premier investors.”

With the health industry continuing to experience increasing funding as a result of the issues highlighted by the Covid19 pandemic, Obsidian Therapeutics is one of many groups looking to capitalize while revolutionizing the field. The treatment and detection of chronic diseases have become a major concern among health experts, which has prompted research into novel methods that provide a better therapeutic experience for patients.

The post Obsidian Therapeutics Closes $115 mln Series B Round appeared first on Grit Daily News.

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