Ropes & Gray represented Goldfinch Bio in securing $100 million in Series B financing. The transaction was announced on June 30.
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 advancing two programs through development: a first-in-class selective inhibitor of ion channel Transient Receptor Potential Canonical Channel 5 (TRPC5) and a peripherally-restricted cannabinoid receptor 1 (CB1) inverse agonist.
The ion channel therapy will soon enter Phase II trial for a kidney-scarring disease called FSGS and diabetic nephropathy, when complications from diabetes lead to lost kidney function. The cannabinoid receptor therapy will go into a proof-of-concept trial next year for a form of diabetic nephropathy that is mediated by that receptor.
The Ropes & Gray team was led by life sciences partners Marc Rubenstein and Bradford Flint (both of Boston).
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