Vyriad, a Rochester, Minnesota-based clinical-stage biotechnology company developing targeted genetic therapies, said it has closed a $25 million final tranche of its Series B financing, bringing the round’s total to $85 million. The company said the additional capital will support imminent first-in-human testing of VV169, its in vivo CAR T-cell therapy candidate for patients with relapsed or treatment-refractory multiple myeloma.
The overall Series B round was led by Harry Stine of Stine Seed Farms, with participation from several family offices, according to the company. Vyriad said the financing will help accelerate clinical development of VV169, which it expects to enter the clinic in 2026.
Vyriad’s approach centers on a lentiviral delivery platform that enables direct, in vivo delivery of CAR constructs, aiming to avoid the complex manufacturing process associated with traditional ex vivo CAR T therapies. The company said its platform leverages engineered G proteins to achieve cell-specific targeting while maintaining transduction efficiency, and is intended to reduce immunogenicity and improve blood stability.
VV169 combines an engineered CAR transgene with Vyriad’s optimized lentiviral delivery vector, LV-169, and is designed as a single intravenous administration targeting B-cell maturation antigen (BCMA) on malignant cells in multiple myeloma. Vyriad cited preclinical data it presented at the ASH 2025 Annual Meeting, stating that VV169 eliminated disseminated multiple myeloma in all humanized mouse models tested, including at the lowest dose level.
Vyriad said it has ongoing corporate partnerships with Regeneron Pharmaceuticals and Novartis, and that its broader pipeline spans oncolytic virotherapy, in vivo gene therapy, and gene-editing applications, including Phase 1–2 trials across multiple cancer indications. The company was co-founded by Mayo Clinic clinician-scientists Stephen Russell and Kah-Whye Peng.
KEY QUOTES:
“Our mission is to transform the future of medicine with targeted genetic therapies. We are excited to launch the first-in-human Phase 1 clinical trial of VV169 and bring this therapy to patients. Our work builds on years of research and optimization around cell-specific targeting, G-protein engineering, and immune evasion — the core capabilities needed to enable effective CAR T therapies. We’re looking forward to validating our delivery technology platform and our in vivo CAR T therapeutic candidates in the clinic.”
Dr. Stephen Russell, Co-Founder and CEO, Vyriad
“The closing of this final tranche reflects the confidence investors have in the Vyriad team, which continues to be laser-focused on improving patient care based on its best-in-class technology. The capabilities of this team have already been demonstrated through our partnered programs with Regeneron and Novartis, and it is increasingly clear that the company’s delivery platform has differentiated capabilities in targeted reprogramming of immune cells directly in the body — an advancement that could significantly broaden access to CAR T therapies. We are optimistic about the potential of our wholly owned in vivo CAR T therapy, which will enter the clinic in 2026.”
Ed Kania, Managing Partner, Farfield Partners, and Chairman, Vyriad Board of Directors
