Sanofi SA (ADR )(NYSE:SNY) backed MyoKardia is getting more injection of capital. Sanofi had gotten a $10 million piece of equity when it collaborated with Myokardia. MyoKardia has gotten $46 million in its Series B as it plans the next stage of its development of new drugs for heart patients with genetically defined groups.
Cowen Group affiliate Perceptive Life Sciences, Cormorant Asset Management, Casdin Capital and Bridge-Bio have also jumped in the deal. There was also an involvement of an undisclosed public investment firm that could mean that the biotech company lined up a crossover rounds as it prepares its move into the IPO arena.
The current round of investment has given MyoKardia a lot of flexibility according to CEO Tassos Gianakakos. The CEO also sidestepped on the question of IPO. He further added that he money raised in the current round will last the company till 2017. MyoKardia will continue to build their staff according to Gianakakos whose firm has grown to 52 in just two and a half years. The firm has also made the move to a new facility in San Francisco due to the growing staff numbers. The company seeks to get the proof of mechanism for its new therapy for an orphan heart condition. Gianakakos stated that the enthusiasm of investors was a result of the firm’s dedication.
According to Gianakakos, no other pharmaceutical company is doing the kind of research being done by MyoKarida. He added that very few companies were focusing on new disease biology. He also stated that the company was building a foundation for the long run.
Last year, Sanofi gave $45 million to MyoKardia and promised further $200 million in incentives as part of collaboration. Sanofi was impressed by the research strategy targeting personalized small molecule treatments. The said cure can potentially address protein mutation in parts of the heart muscle in a patient.
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