Orchard Therapeutics, a UK and US based gene therapy company, has secured $150 million of new capital through a Series C funding round, towards advancing its gene therapies for rare diseases.
Deerfield Management led the Series C round with other firms like RA Capital Management, Perceptive Advisors, Venrock and Foresite Capital making new investments in Orchard Therapeutics.
The gene therapy company said that existing investors like Temasek, Baillie Gifford, RTW Investments, Agent Capital, LP and Cowen Healthcare Investments also participated in the Series C round.
Elise Wang – Principal at Deerfield Management said: “Orchard has made an impressive transition from a start-up company to an emerging leader in gene therapy for rare diseases by building a comprehensive, industry-leading portfolio of ex vivo gene therapies and assembling a highly experienced team.
“We are pleased to have led this round of financing. We believe the company has generated compelling clinical data on products which have the potential to become breakthrough treatments for patients.”
Orchard Therapeutics will utilize the proceeds to further its three most advanced clinical programs – OTL-101 for adenosine deaminase severe combined immunodeficiency (ADA-SCID), OTL-200 for metachromatic leukodystrophy (MLD) and OTL-103 for Wiskott–Aldrich syndrome (WAS) towards registration as well as commercialization.
The gene therapy company will also use the funds on clinical and preclinical development of its pipeline of rare disease gene therapies.
Mark Rothera – president and CEO of Orchard Therapeutics said: “We are thrilled to have such strong support from both new and existing investors in this financing round.
“The quality of this investor syndicate is a testament to the confidence we have built among our stakeholders, based on the substantial progress of Orchard’s clinical and preclinical programs since our Series B round last year.”
Frank Thomas – CFO and chief business officer of Orchard Therapeutics added: “This financing provides Orchard with additional capital to rapidly progress our most advanced clinical programs to commercialization.
“We are advancing our pipeline of potentially transformative gene therapies in primary immune deficiencies and neurometabolic disorders to reach patients as quickly as possible.”
In December 2017, Orchard Therapeutics announced a $110 million Series B funding round. It also received a grant of $19 million from the California Institute of Regenerative Medicine (CIRM).
The gene therapy company boasts of an autologous ex vivo gene therapy Strimvelis which was approved for adenosine deaminase severe combined immunodeficiency by the European Medical Agency in 2016.