- Biopharmaceutical company Accent Therapeutics announced it has raised $63 million in Series B funding
Biopharmaceutical company Accent Therapeutics announced it has raised $63 million in Series B funding led by EcoR1 Capital with participation by GV, AbbVie Ventures, The Mark Foundation for Cancer Research, NS Investment and Droia Ventures as well as existing investors Atlas Venture and The Column Group.
The proceeds from the funding will be used to advance the development of Accent’s novel therapies targeting RNA-modifying proteins (RMPs), including its lead programs METTL3 and ADAR1, and to continue to expand its pipeline in the rich target space of RNA modification.
Ever since Accent launched in 2018, it has advanced a broad pipeline of programs, including its two lead programs – METTL3 and ADAR1. METTL3 is an RNA methyltransferase implicated in AML, specific solid tumors, and immuno-oncology. ADAR1 is an RNA editor with compelling validation for solid tumors with elevated intrinsic Type I interferon-stimulated gene signaling (comprising ~15-30% of solid tumors) and has also been suggested to play a key role in immuno-oncology.
By targeting the proteins that modify RNA, Accent is able to apply the proven approach of enzyme-directed small molecule therapies to a rich and novel class of enzymes with the ability to impact RNA pathobiology.
“We are thrilled to have the support of this remarkable group of investors that share our vision for developing novel therapies for patients in need. With the progress we have made to-date and expect to make in the coming months, the next phase of Accent’s growth is set to be truly transformational.”
-Shakti Narayan, Chief Executive Officer of Accent Therapeutics
“Opportunities to have such a broad impact in novel areas of biology are becoming increasingly rare. The team at Accent is well-positioned to lead this area of drug development and achieve the rich therapeutic potential of these exciting programs.”
-Oleg Nodelman, Founder and Managing Director of EcoR1 Capital