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Thursday, October 21, 2010
Dicerna makes $29M second close on Series B funding round
By Michelle Lang
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Dicerna Pharmaceuticals Inc. has added $4 million in a second close of its Series B financing, bringing the round to $29 million. The add-on funding was backed by new investor SR One, the independent corporate healthcare venture capital arm of GlaxoSmithKline.
As part of the financing, SR One partner Brian M. Gallagher Jr. will serve as an observer on Dicerna’s board of directors.
The Series B round initially closed in August at $25 million, led by new backer Domain Associates, with additional support from return backers Oxford Bioscience Partners, Skyline Ventures and Abingworth. The funds will support the company’s oncology-focused program and its drug delivery systems.
“Following our first close of the Series B in August, we re-opened the round due to significant additional interest from the investment community in our unique Dicer Substrate Technology platform and next generation approach to developing RNAi therapeutics,” said Doug Fambrough, CEO of Watertown-based Dicerna, in a press release today.
Dicerna’s drug delivery systems are built around the enzyme Dicer, which is used for gene silencing in generating drug candidates with greater potency and longer action duration than earlier RNAi approaches.
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