CAMBRIDGE, Mass.--(BUSINESS WIRE)--Goldfinch Bio, a clinical stage biotechnology company focused on discovering and developing precision medicines for the treatment of kidney diseases, today announced the closing of an oversubscribed Series B financing, which raised $100 million. The financing was led by Eventide Asset Management, and included new investors Wellington Management Company, Ally Bridge Group, funds and accounts managed by BlackRock, Casdin Capital, LLC and Irving Investors, along with existing investors Gilead Sciences, Yonjin Capital, Schroeder Adveq and other undisclosed institutional investors. In connection with the financing, Joy Ghosh, Ph.D., a senior research analyst at Eventide Asset Management, will join the Company’s Board of Directors.
Goldfinch is currently advancing two programs through development: GFB-887, a first-in-class selective inhibitor of Transient Receptor Potential Canonical Channel 5 (TRPC5) and GFB-024, a peripherally-restricted cannabinoid receptor 1 (CB1) inverse agonist. The Company plans to initiate a Phase 2 clinical trial of GFB-887 in patients with focal segmental glomerulosclerosis (FSGS) and diabetic nephropathy (DN), two diseases often driven by overactivation of the TRPC5-Rac1 pathway, in mid-20201, and to submit an investigational new drug (IND) application for GFB-024 to treat CB1-mediated DN in 2021. Proceeds from the Series B financing will enable the advancement of GFB-887 and GFB-024 through three potential clinical proof-of-concept readouts -- in FSGS and DN and in CB1-mediated DN, respectively -- and will also support continued development of the Company’s discovery platform and preclinical pipeline.
“We are grateful for the support of new and existing investors, which reflects both the urgent need to revolutionize the treatment of kidney diseases and the quality of the Goldfinch product engine and development pipeline,” said Anthony Johnson, M.D., President and Chief Executive Officer of Goldfinch Bio. “The proceeds from this financing will allow us to advance both GFB-887 and GFB-024 through clinical proof-of-concept in multiple underserved patient populations, with the additional goal of validating our precision medicine approach to treating kidney diseases.”
“We believe that Goldfinch has made impressive progress since its founding in 2016, including advancing GFB-887 into clinical development with a strong biomarker hypothesis for patient selection, entering into a collaboration with Gilead Sciences to further elucidate the genetic basis of kidney diseases and advancing the field’s collective understanding of kidney biology,” said Finny Kuruvilla, M.D., Ph.D. of Eventide Asset Management. “We look forward to continuing to support the Company in its ongoing efforts to deliver first-in-class therapeutics to patients in urgent need of safe, well-tolerated and disease-modifying options.”
About Goldfinch Bio:
Goldfinch Bio, Inc. is a clinical stage biotechnology company that leverages a genomics-based, precision medicine approach to discovering and developing kidney disease treatments. Its Kidney Genome Atlas (KGA™) is a proprietary biology platform that drives candidate discovery, patient selection and biomarker development. The Company’s lead candidate, GFB-887, is a TRPC5 ion channel inhibitor, expected to enter Phase 2 clinical studies in mid-2020 for the treatment of kidney diseases. Goldfinch Bio is also developing GFB-024, a peripherally-restricted cannabinoid receptor 1 (CB1) inverse agonist monoclonal antibody, for the treatment of rare and metabolic kidney diseases and expects to submit an investigational new drug (IND) application in 2021. Goldfinch Bio, headquartered in Cambridge, Massachusetts, was launched in 2016 by Third Rock Ventures and has an established strategic collaboration with Gilead Sciences, Inc. For more information about Goldfinch Bio, visit www.goldfinchbio.com.
1 Patients diagnosed with treatment resistant minimal change disease, which is considered a subset of FSGS, will also be allowed into the Phase 2 clinical.