Backed by Sanofi & Novo, Inozyme Raises $49M in Series A
A Cambridge, MA-based biotechnology company developing novel medicines to treat rare diseases of calcification, affecting soft tissues and bone, Inozyme Pharma has now raised a $49m in Series A financing.
Founded in 2016, Inozyme will focus on developing novel medicines to treat rare diseases of calcification, affecting soft tissues and bone.
The $49 million in Series A funding will be used to develop the company’s enzyme replacement therapies for two rare diseases affecting infants and children and push the treatments into the clinic.
Enzyme’s disease targets include Generalized Arterial Calcification of Infancy (GACI), an ultra-rare, autosomal recessive orphan disease affecting infants and has a high mortality rate within the first year of life. The other disease focus is Autosomal Recessive Hypophosphatemic Rickets Type 2 (ARHR2), a rare skeletal disorder characterized by low levels of serum PPi. Both disorders are characterized by mineral imbalances that lead to over-calcification of soft tissues and under mineralization of bone.
“Our mission is to develop potentially disease-modifying therapies to help children who are affected with rare, but severe and debilitating disorders of metabolism. These patients have very poor treatment options,” Axel Bolte, chief executive officer
and co-founder of Inozyme Pharma, said in a statement. “We have attracted a premier syndicate of healthcare investors who are committed to helping us achieve our goal, and this funding positions us well to advance our therapeutic approach.”“Inozyme Pharma’s deep understanding of the biology of calcification will be used to develop new medicines that have the potential to drastically improve the standard-of-care,” said Reinaldo Diaz, venture partner at Longitude Capital, and a member of Inozyme Pharma’s board of directors. “With strong foundational intellectual property and a multidisciplinary team of experts, the company is well-positioned to advance new therapies for underserved populations.”
Inozyme’s lead candidate, INZ-701, is meant to treat calcifications in the circulatory system, bones, and kidneys. Inozyme has now secured the cash to take INZ-701 through a human proof of concept study that should begin in 2019, according to Bolte.
Longitude Capital led the funding round, and was joined by New Enterprise Associates, Novo Ventures, and Sanofi Ventures.
