Biotech venture capital may be pacing at a six-year low, but one startup just managed to raise a $300 million Series A mega-round.
The round was raised by ReNAgade Therapeutics, a new biotech developing what it hopes will be a one-stop shop for medicines targeting RNA, the genetic blueprints that cells use to make proteins instrumental in numerous diseases. MPM Capital’s BioImpact Capital and F2 Ventures co-led the Series A round, which is the biggest so far this year in the industry.
RNA medicine companies are one area where biotech financing is flourishing: Just last month, another RNA medicines company, Orbital Therapeutics, announced it had raised $270 million for a Series A.
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