Casma Therapeutics, Inc., has reportedly raised an amount of $50 million in a Series-B funding initiative led by The Column Group. While Schroder Adveq and Eventide Asset Management, LLC, have participated in the financing round as new investors, Third Rock Ventures has been part of initiative as an existing investor.
The Column Group’s Millie Ray will reportedly join Casma’s Board of Directors and Eventide Asset Management LLC’s Chief Investment Officer, Finny Kuruvilla, will become a board observer, as stated in the round.
According to Keith Dionne, the Chief Executive Officer at Casma Therapeutics, the company is thrilled to welcome TCG, Schroder Adveq, and Eventide Asset Management, LLC as investors in its business. He has further stated that the company believes that its investors’ keen focus on science and their settled position in the life sciences ecosystem will effectively help Casma in continuing to move ahead as pioneers in this new field of biology.
Casma eagerly looks ahead to the leadership and insight Dr. Ray and Dr. Kuruvilla will bring to the company’s board, added Dionne.
Sources state that the proceeds of the funding program will enable Casma to further its TRPML1 agonist initiative into building for muscular dystrophy and also continue the development of its Autophagy Degrader Platform. TRPML1 is effective for regulating the repair of the muscle cells’ plasma membrane after damage and efficaciously addresses core pathology in several forms of muscular dystrophy.
While Autophagy Degrader Platform represents an all-new approach to the degradation of numerous disease-inducing targets, the autophagy system shows ability to break down disease targets that are more diverse and considerably larger when compared to those that depend on proteasomal and E3 ligase-based degradation approaches.
Dr. Ray, The Column Group, has stated that the group intends to harness the potentiality of autophagy-lysosomal pathway for some time, adding that it is excited to help Casma accelerate several therapies towards the clinic as well as the marketplace.