The acquisition of DTx Pharma by drug giant Novartis includes the potential for an additional $500 million payout depending on reaching certain pre-determined milestones
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DTx Pharma, a 15-employee San Diego biotechnology company pursuing a platform for creating RNA-based therapies to treat genetic drivers of rare diseases, said Monday that it has raised $100 million in Series B round of financing.
The early stage company, which previously raised $10.6 million in a Series A round in January 2020, is pursuing potential treatments in ophthalmology and for neuromuscular diseases initially.
According to DTx Pharma’s website, its most advanced program in the eye arena targets a disease called retinitis pigmentosa, which is often inherited. It anticipates initiating clinical work on this treatment in 2022.
In the neuromuscular area, the company is looking into multiple diseases driven by genetic defects in skeletal muscle, cardiac muscle and the peripheral nervous system. It expects to move its first neuromuscular disease candidates into clinical development in 2023.