- CODA Biotherapeutics announced recently it has closed on $28 million in financing. These are the details.
CODA Biotherapeutics — a preclinical-stage biopharmaceutical company developing a gene therapy-mediated chemogenetic platform to treat neurological disorders with an initial focus on neuropathic pain and epilepsy — announced recently it has closed on $28 million in financing led by Pacira BioSciences, together with the company’s existing investors MPM Capital and Versant Ventures, and a new venture debt round with Silicon Valley Bank (SVB). In connection with the funding, David Stack, chairman and CEO of Pacira Biosciences, has joined CODA’s board of directors.
CODA Biotherapeutics is developing a paradigm-shifting gene therapy approach by deploying a chemogenetic strategy for treating neurological disorders. And the company’s innovative treatment aims to modulate specific neuronal circuits via adeno-associated virus (AAV)-mediated delivery of an engineered, inhibitory receptor by standard-of-care neurosurgical procedures.
The receptor is designed to be quiescent in the transduced cells, but will specifically and dose-dependently inhibit neurons when exposed to a novel, orally bioavailable small-molecule agonist. Going forward, CODA expects this treatment will produce substantially improved and durable results while potentially avoiding off-target/adverse effects of currently available treatments.
“We are pleased to have Pacira BioSciences join our existing investors in supporting our mission to develop novel chemogenetic therapies for the treatment of neurological disorders for which current treatment options have significant limitations. We have significantly increased our cash balances to fuel continued progress on our platform with an initial focus on neuropathic pain and focal epilepsy. The equity investment capital from Pacira BioSciences, one of the world’s leading non-opioid pain management companies, further validates our approach and will help us progress our neuropathic pain therapies toward human clinical trials where we hope to demonstrate transformative results for patients.”
— Michael Narachi, president and CEO of CODA
“We are extremely excited to back the CODA team and their groundbreaking chemogenetic gene therapy platform. We believe the CODA approach could transform the treatment paradigm for neuropathic pain and help millions of patients.”
David Stack, chairman and CEO of Pacira Biosciences and CODA board member