Wädenswil ZH – GlycoEra has extended a Series A financing with an investment from the global pharmaceutical group Bristol Myers Squibb. The biotech company, which is based in Massachusetts and Wädenswil, wants to use this to advance its therapies for the degradation of pathogenic proteins.
GlycoEra AG has announced that the New York-based pharmaceutical group Bristol Myers Squibb(BMS) has joined as an investor. The biotech company was thus able to expand its Series A financing. The scope of the investment was not disclosed.
BMS joins existing investors, including 5AM Ventures, Roche Venture Fund and Sofinnova Partners, to advance GlycoEra's preclinical programs. The company's pipeline includes innovative drugs for the treatment of a range of autoimmune diseases through the rapid and profound degradation of pathogenic proteins.
These can be relevant in a variety of application areas such as oncology, neurology and infectious diseases. "As an established leader in the field of targeted protein degradation and immune-mediated diseases, BMS will be an important investor in advancing the company's portfolio," GlycoEra's CEO Dr. Ganesh Kaundinya is quoted as saying in the announcement.
In addition, GlycoEra was able to recruit industry veteran Dr. Greg Fralish as Chief Business Officer. He has more than 20 years of experience in a variety of business development and strategy positions, both with large pharmaceutical companies and in biotechnology. "GlycoEra's innovative biologics promise a potentially groundbreaking approach," says Fralish. "I am excited about GlycoEra's potential to transform patient care." ce/mm