Venture Capital: Gene Engineering Platform Poseida Therapeutics Raises $110M in Series D Round

June 26, 2020 | News, Venture Capital
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Poseida filed for an IPO worth $115 million on June 19.

Within a few days of filing an S-1 registration statement to raise $115 million via an IPO of its common stock, Poseida Therapeutics has switched tracks and opted to raise $110 million in a Series D round. Fidelity Management and Research Co. led the round with participation from Adage Capital Management and Schonfeld Strategic Advisors. Several unnamed existing investors also participated. (Crunchbase)

Poseida had filed to go public previously in January 2019. However, it withdrew the IPO after raising $142 million in a Series C round. That round, in April 2019, was led by Novartis (SWX: NOVN).

Dublin-listed life-sciences investment group Malin did not participate in this round. Malin Life Sciences acquired a 33% stake in Poseida in 2015 in a deal valued at $30 million.

The gene therapy company’s aggregate fundraise to date is $336.5 million.

Cancer therapies

San Diego based Poseida is developing a portfolio of genetic and CAR-T-based therapies for blood, solid, and other cancers.

“This financing supports the approach we are taking to leverage our broad proprietary gene engineering platform technologies, including the piggyBac DNA Modification System and Cas-CLOVER site-specific gene-editing system, for the creation of numerous differentiated cell and gene therapy product candidates,” Poseida’s CEO Eric Ostertag, M.D., Ph.D., said in a written statement.

Currently, Poseida’s P-BCMA-101, a CAR-T treatment for patients with multiple myeloma, is in Phase 2 clinical trials. All other drug candidates are in preclinical stages.

Proceeds from the financing will primarily fund the company’s ongoing clinical trials, and also be used for further research and development.

Related Story:   Daphne Koller Raises $143M For Insitro, Her AI-Bio Startup                                                

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