By: IPP Bureau
Last updated : April 11, 2022 5:29 pm
Daewoong Pharmaceutical, HanAll Biopharma join Astellas Venture Management and other VCs in oversubscribed funding round to accelerate Turn Bio's preclinical advances in multiple therapeutic areas
Turn Biotechnologies, a cell rejuvenation company developing novel mRNA medicines to cure untreatable, age-related conditions announced that it closed an oversubscribed fundraising round to support the next stage of its development.
Investments from two international pharmaceutical organizations and a venture capital group associated with a third underscored widespread interest in Turn Bio's unique cell rejuvenation therapy, which is built on the company's proprietary ERA platform.
International pharmaceutical industry backing came from three groups:
Astellas Venture Management LLC, a venture capital organization within Astellas Pharma, which is actively engaged in business as an R&D-driven global pharmaceutical company with the business philosophy to "Contribute toward improving the health of people around the world through the provision of innovative and reliable pharmaceutical products";
Daewoong Pharmaceutical, recognized as one of the world's most collaborative pharmaceutical companies; and
HanAll Biopharma, which is conducting innovative research in ophthalmology, immunology, oncology, neurology, and produces therapeutics in endocrine, circulatory and urological diseases.
"The attention and support Turn Bio is receiving from organizations around the world shows the confidence companies have in our ability to utilize our proprietary technology platforms to develop cures for now-untreatable conditions that afflict millions of people globally," said CEO Anja Krammer. "Turn Bio is closer to proving that cell rejuvenation will transform how medicine treats human disease – and ultimately extends the human healthspan."
An executive from HanAll acknowledged the importance of Turn Bio's work.
"Many age-related diseases have long been significant areas of unmet patient need," said Dr. Almira Chabi, chief medical officer and chief development officer at HanAll Pharmaceutical International, a U.S. organization HanAll created to strengthen its R&D. "Turn Bio's innovative platform may bring a pivotal transformation to a wide array of therapeutic areas. HanAll is committing support and investment to help realize the full potential of this pioneering technology as Turn Bio advances to a new phase of growth."
The round also attracted investment from LongeVC, which is focused on accelerating companies' development in the longevity space; ThreeD Capital, which invests in disruptive technologies, and Vitality Healthspan Foundation. Existing investors, Methuselah Fund, Formic Ventures and Shanda Group, increased their investments this round.