Closely held Specific Biologics has announced the closing of an oversubscribed $35 million Series A financing. The round was led by Hatteras Venture Partners, with participation from foundational investors Lumira Ventures and adMare BioInnovations, alongside new investors Genesys Capital, Business Development Bank of Canada’s (BDC) Life Sciences Venture Fund, DeepWork Capital, and Seido Capital.
According to Specific, the financing will support development of the company’s lead Dualase therapeutic candidate through initial clinical biomarker proof-of-concept in the first cohort of an adaptive Phase 1/2 clinical trial in patients with C9ORF72-associated amyotrophic lateral sclerosis (ALS), a neurodegenerative disease for which there are currently no approved therapies.
In a statement, Brent Stead, CEO of Specific, commented, “This financing represents a defining step toward our goal of bringing a potentially transformative medicine to people living with ALS. Our goal is to address the disease at its genetic source to create a new therapeutic option for patients who have waited far too long.”
Ben Scruggs, partner at Hatteras Venture Partners, remarked, “Gene editing has the potential to transform the treatment of genetic diseases, but realizing that promise requires overcoming longstanding challenges in precision, specificity and delivery. Specific Biologics has developed a highly differentiated technology with significant therapeutic and commercial potential designed to address these challenges, supported by compelling preclinical evidence.”
Nikhil Thatte, partner at Lumira Ventures, stated, “Our decision to invest meaningful additional capital in Specific reflects our growing conviction in the scientific differentiation, clinical potential and long-term value of the Dualase platform. We believe the opportunity to generate early clinical proof-of-concept in ALS patients represents an important inflection point for the company and a meaningful step toward realizing the broader promise of its technology.”
Specific’s proprietary Dualase platform is designed to overcome important limitations of conventional gene-editing technologies by precisely removing disease-causing DNA repeat expansions while preserving the normal sequences required for biological function. These abnormal stretches of repetitive DNA are implicated in more than 40 genetic disorders. Specific has demonstrated editing in preclinical studies in multiple neuromuscular repeat expansions.
“Specific Biologics has assembled a dynamic and experienced team in the field of genome editing and an excellent syndicate of investors with the strategic vision to translate breakthrough science into clinical proof of concept,” added Paul Hastings, board chair of Specific. “Their technology has the potential to redefine what is possible in gene editing and open the door to therapeutic approaches for devastating genetic conditions that have historically been beyond reach.”
