Startup biotech manages to raise venture capital despite a slowdown in funding amid economic uncertainty
San Diego’s Escient Pharmaceuticals said this week that it landed a $120 million investment to push forward two first-in-class small molecule therapies for treating a broad range of neurosensory-inflammatory disorders associated with chronic diseases.
“We are thrilled with the support from both existing and new investors, and this significant financing puts us in a great position to advance our pipeline to clinical proof-of-concept in multiple indications,” said Chief Executive Joshua Grass in a statement.The financing, announced Monday, was co-led by New Enterprise Associates, Abingworth and Forge Life Science Partners — with additional new investors Avego, PFM Health Sciences and The Eleven Fund participating.
Founded in 2017 by Marcus Boehm, former co-founder of Receptos, and Alain Baron, former head of research at Amylin, Escient Pharmaceuticals had raised $117 million in two rounds of funding before this latest influx of capital. The company aims to develop oral medications to treat these neuro-immune ailments without the serious side effects that can occur with other approaches, said Grass.
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