CAMBRIDGE, Mass.--(BUSINESS WIRE)--Dimension Therapeutics, a gene therapy company focused on developing novel treatments for rare diseases, today announced the closing of a $30 million financing. New investor OrbiMed joined existing investor Fidelity Biosciences in the round.
“Gene therapy has the potential to radically change the treatment paradigm for numerous rare diseases,” said Rishi Gupta, private equity partner at OrbiMed. “Dimension’s access to best-in-class AAV vector technology puts it at the forefront of developing in vivo gene therapy treatments, one of the most promising approaches in the field. We look forward to working with the Dimension team to realize the potential of gene therapy in areas of high unmet medical need.”
“We are very pleased to welcome OrbiMed to our syndicate,” said Ben Auspitz, chairman of Dimension Therapeutics and a partner at Fidelity Biosciences. “OrbiMed has helped build many start-ups with break-through science into commercially successful healthcare companies. Rishi and the OrbiMed team will be valuable partners and strategic advisors as we continue to advance our novel gene therapy programs for patients with rare diseases.”
OrbiMed is a leading investment firm dedicated exclusively to the healthcare sector, with approximately $11 billion in assets under management. OrbiMed invests globally across the spectrum of healthcare companies, from venture capital start-ups to large multinational companies. OrbiMed’s team of more than 80 employees manages a series of private equity funds, public equity funds, royalty/debt funds and other investment vehicles. OrbiMed maintains its headquarters in New York City, with additional offices in San Francisco, Shanghai, Mumbai and Herzliya. As one of the largest investment firms dedicated to the healthcare sector, OrbiMed seeks to be a capital provider of choice, bringing the global resources required to be an exceptional long-term partner for building world-class healthcare companies. Find out more at www.OrbiMed.com.
About Fidelity BioSciences
Fidelity Biosciences (www.fidelitybiosciences.com) invests venture capital in biopharmaceutical, medical technology, healthcare information technology and healthcare service companies. The firm is a subsidiary of FMR LLC, the parent company of Fidelity Investments, one of the world’s leading providers of financial services. For more than 40 years, Fidelity has been a significant presence in the venture capital and private equity industry. For more information, visit the website above.
About Dimension Therapeutics
Dimension Therapeutics is a gene therapy company focused on developing novel therapies to treat rare diseases. Launched by Fidelity Biosciences in 2013, the Dimension team comprises biotech industry veterans and renowned thought leaders in gene therapy and rare diseases. The company is focused on building its adeno-associated virus (AAV) therapeutic capabilities and advancing multiple gene therapy programs in rare diseases through partnerships with REGENX Biosciences and the University of Pennsylvania, which provide Dimension with exclusive gene therapy intellectual property and preferred access to multiple best-in-class AAV vectors based on REGENX’s NAV® technology. For more information, please visit www.dimensiontx.com.