Zikani Therapeutics raises $7.5 million in Series A-1 round of financing
Fremont, CA: Zikani Therapeutics, a company focused on leveraging its unique TURBO-ZMTM platform to develop a novel ribosome modulating agents (RMAs) for treating the rare, nonsense mutation-driven diseases closes $7.5 million Series A-1 round of financing. The companies that participated in the funding round are Advent Life Sciences, Gurnet Point Capital, and Roche Venture Fund.
"We're pleased to support Zikani as an emerging company that is using the strength of its science and a refined strategy to develop novel ribosome modulators for rare diseases caused by nonsense mutations," said Raj Parekh of Advent Life Sciences.
Zikani plans to use the proceeds to advance its nonsense mutation read through programs from lead optimization to candidate selection. The company had displayed a positive, pre-clinical data in multiple disease areas such as APC Mutant Colon Cancer, familial adenomatous polyposis (FAP), class 1 cystic fibrosis, recessive dystrophic, and junctional epidermolysis bullosa.
"Zikani has generated promising data that validates its TURBO-ZMTM platform and addresses a completely unmet need in oncology therapeutics: restoring expression of a major tumor suppressor gene," said Keith Flaherty, M.D., Director of Clinical Research at Massachusetts General Hospital Cancer Center and a senior advisor to Zikani.
Ribosomal RNAs make up the translation machinery that generates functions for proteins from genetic sequences. Ribosome modulation provides a therapeutic approach to quantifying the problems, But, the development of disease-specific ribosome modulators have become a challenge.
"We're highly encouraged by the data we've generated to date and are working rapidly to advance compounds into pre-clinical development. This financing, particularly in this volatile financial market, is a vote of confidence for our promising technology platform. As we look ahead, our focus is to maximize the funding and take the steps necessary to generate greater recognition for RMAs and form collaborations with partners that will benefit from our scientific platform," said Sumit Aggarwal, President, and CEO, Zikani Therapeutics.