Pipeline Therapeutics announced the closing of an $80 million Series C financing. The oversubscribed financing was led by a healthcare-focused new investor, with participation by other new investors including Perceptive Advisors, Franklin Templeton, Casdin Capital, Samsara BioCapital, Suvretta Capital, Red Tree Venture Capital, and an undisclosed leading global investment fund. The company’s existing shareholders, including founding investor Versant Ventures, Sectoral Asset Management and Cleva Pharma (a Brace Pharma affiliate), also participated in the round. Pipeline Therapeutics plans to use the proceeds to advance its lead candidates PIPE-505 and PIPE-307, as well as to develop additional therapeutic candidates and for general corporate purposes.
“We are delighted to welcome the new investors in our Series C round and are grateful to our existing shareholders for their continued support,” said Carmine Stengone, President & CEO of Pipeline Therapeutics. “We are proud to have this significant support for our mission of developing first- and best-in-class neuroregenerative product candidates for unserved and underserved neurological indications.”
The company’s lead clinical program, PIPE-505, is a gamma secretase inhibitor. Patients are currently being recruited into a phase 1/2a study to treat sensorineural hearing loss (SNHL) associated with speech-in-noise disability. The company has also initiated a Phase 1 study in healthy volunteers for its second clinical program, PIPE-307, an M1 antagonist targeting multiple sclerosis. In addition, Pipeline has a portfolio of further programs addressing a range of neurological disorders and conditions.