Solid Biosciences has come up with a $50 million crossover round that would appear to be positioning the company for an IPO as it advances a gene therapy for Duchenne muscular dystrophy into the clinic.
Founded by Duchenne dad — and former JP Morgan investment banker — Ilan Ganot, the Cambridge, MA-based biotech attracted RA Capital and Bain to the lead roles in the new round. RA is a well known crossover investor while Bain has begun to spread its wings with a new fund.
Now Solid is taking SGT-001 into the clinic in the second half of this year. And it’s looking to add next-gen therapies to the pipeline as the patient population here looks for something much better than what’s on offer today.
Sarepta has achieved an accelerated approval for its exon-skipping treatment, even though it addresses only a portion of the market and has yet to deliver solid evidence of efficacy. And PTC, barred at the FDA, won an approval in Europe for its drug ataluren, even though it failed three straight studies. PTC recently acquired deflazacort, a steroid that’s been available for years outside the US and won an approval specifically for Duchenne in the US.
As part of the new financing for the company, RA’s Rajeev Shah and Bain’s Adam Koppel are joining the board. Solid is also unwinding some subsidiaries it had created early on.
“This financing comes at an important time for Solid as we continue to grow our company and the infrastructure needed to advance our programs for DMD,” said Ilan Ganot.
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