City Therapeutics announced the completion of a $99.5 million Series B financing to support the advancement of its next-generation RNA interference (RNAi) platform and pipeline of therapies targeting serious diseases.
The financing attracted new investors Viking Global Investors and Sofinnova Investments, along with participation from Casdin Capital and NYBC Ventures. Existing backers ARCH Venture Partners, Fidelity Management & Research Company, Invus, Slate Path Capital, Rock Springs Capital, Regeneron Ventures, AN Ventures, and other undisclosed investors also participated in the round.
The proceeds will be used to advance the company’s RNAi therapeutics pipeline, expand its RNAi engineering platform, and support business development efforts. City Therapeutics recently initiated a Phase 1 clinical trial for CITY-FXI, a therapy targeting Factor XI for thromboembolic diseases, and reported positive preclinical data for CITY-RBP4, a potential first-in-class treatment for Stargardt disease.
The company expects to move two programs into the clinic by the end of 2026, including CITY-RBP4. Since completing its Series A financing two years ago, City Therapeutics has also established strategic collaborations with Bausch + Lomb and Biogen.
Founded by a team of RNAi pioneers, Cambridge, Massachusetts-based City Therapeutics has now raised more than $230 million. The company is focused on expanding the reach of RNAi medicines across multiple therapeutic areas through its next-generation platform.
As part of the financing, Rohan Nirody, managing director at Viking Global Investors, and Dr. Maha Radhakrishnan, executive partner for private equity at Sofinnova Investments, will join the company’s board as observers.
KEY QUOTES:
“This Series B financing reflects our substantial progress and the confidence our investors, both longstanding and new, have in the City Therapeutics team, platform and pipeline. We have achieved multiple important milestones in the two years since our Series A financing, including advancing CITY-FXI to the clinic and completing major strategic collaborations with Bausch + Lomb and Biogen. With this capital, we are well-positioned to move two programs to clinical stage this year, including CITY-RBP4, and continue to validate our innovative RNAi platform.”
Andy Orth, Chief Executive Officer, City Therapeutics
“City Therapeutics has assembled one of the most experienced and accomplished teams in RNAi and is executing on a compelling scientific vision. We share their collective belief that RNAi can transform treatment for serious diseases and are proud to help enable the company’s progress in the clinic and with their next-generation RNAi platform.”
Rohan Nirody, Managing Director, Viking Global Investors
“This Series B financing reflects the exceptional progress our team has made in delivering on our mission to lead the next generation of RNAi-based medicines, and we are thrilled to expand our syndicate of outstanding investors. The advances our team is making with our next-generation RNAi platform speak to the breadth of what is possible beyond traditional RNAi. Our innovative approach is expanding the reach of RNAi medicines into new programs and tissue types.”
John Maraganore, Ph.D., Co-Founder and Executive Chairman, City Therapeutics
